Domino’s Pizza Businesses (ASX:DMP) announced the retirement of its longtime CEO, Don Meij, effective November 6, 2024. Meij, who began his career as a pizza delivery driver in 1987, has spent nearly 40 years with the company.
Under Meij’s leadership, Domino’s became Australia’s largest and first publicly traded pizza chain in 2005, with revenues of $300 million, and has expanded into a global business with more than 3,700 outlets selling in 12 markets, with sales now exceeding $4 billion.
The company has named Mark van Dyck as its new global leader, effective immediately. Van Dyck brings with him extensive experience in the food and beverage industry, having previously held senior leadership roles in multinational companies.
This leadership transition comes as Domino’s goes through a period of strategic realignment. In August 2024, the company reported a 3% increase in earnings before interest and taxes (EBIT) to $207.7 million, along with a 4.6% increase in network sales to 4, 19 billion dollars. However, challenges in markets such as Japan and France, where store closures have impacted overall performance, have prompted a reconsideration of strategies.
In September 2024, Domino’s faced a class action lawsuit from shareholders over alleged misleading statements regarding its performance in the Japanese market in 2021. The company has denied any liability and intends to defend itself from the proceeding.
Despite these obstacles, Domino’s has demonstrated resilience in its core markets. The Australian and New Zealand operations posted a 10.4% increase in underlying EBIT, supported by improved customer satisfaction and improved operational efficiency.