Latest news with #JackCowin
Yahoo
03-07-2025
- Business
- Yahoo
Domino's Australia franchise CEO to step down by end of 2025
Domino's Pizza Enterprises, the master franchisee of Domino's Pizza in Australia, has confirmed that its CEO and managing director, Mark van Dyck, will resign before the end of 2025. Reuters reports that van Dyck, a former Coca-Cola executive, who succeeded long-serving CEO Don Meij in November 2024 amid challenging post-Covid-19 sales conditions, initiated a turnaround strategy over his eight-month tenure. He closed low-performing stores and introduced cost-reduction measures to stabilise the business. Van Dyck's resignation will take effect on 23 December 2025. The company has commenced a global search for his successor. In the meantime, Jack Cowin, the firm's chairman and largest shareholder, will serve as interim executive chair. Cowin, who has more than five decades of experience in the quick-service restaurant sector, played a pivotal role in establishing KFC in Australia and expanding Domino's into Europe and Asia. He leads Competitive Foods Australia, which operates 480 Hungry Jack's restaurants — the Australian franchise of Burger King — employing more than 25,000 people across Australia and New Zealand, according to a Forbes report. Cowin was quoted by Forbes: 'Mark has made a valuable contribution to Domino's during a period of significant operational reset. 'With the strategic foundations now firmly in place, this transition enables a new CEO to take Domino's to its next stage of growth.' Domino's Pizza Enterprises holds master franchise rights for Domino's Pizza in 12 countries across Asia and Europe, and in New Zealand, with Japan accounting for roughly one-fifth of its store portfolio. "Domino's Australia franchise CEO to step down by end of 2025" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
03-07-2025
- Business
- Bloomberg
Domino's Pizza Enterprises CEO Resigned, Executive Chair Says
Domino's Pizza Enterprises Ltd. 's outgoing Group Chief Executive and Managing Director Mark van Dyck chose to resign and wasn't pushed out, the company's billionaire interim Executive Chairman Jack Cowin said on an investor call. Van Dyck formulated a five-year turnaround plan for the business and oversaw the closure of 205 underperforming stores in Europe, Japan, Australia and New Zealand. The board supported the plan but wanted to act more swiftly than van Dyck, Cowin said Thursday.
Time of India
02-07-2025
- Business
- Time of India
Domino's Australia franchise CEO steps down
HighlightsMark van Dyck, the Chief Executive Officer and Managing Director of Domino's Pizza Enterprises, will step down before Christmas this year, causing the company's shares to plummet approximately 16%. In his eight months in charge, Van Dyck implemented cost-saving measures and closed low-volume stores as the company faced declining sales in a post-COVID environment. Domino's Pizza Enterprises is beginning a global search for a new Chief Executive Officer, with Chairman Jack Cowin stepping in as the interim executive chair. Domino's Pizza Enterprises said on Wednesday its CEO and managing director, Mark van Dyck , would step down before Christmas this year, sending the Australian franchise operator's shares plummeting about 16% to their weakest in over 11 years. Van Dyck, a former Coca-Cola executive, took over from the franchise operator's longstanding head, Don Meij, in November last year as the company struggled to maintain sales in a post-COVID era. In eight months, Van Dyck laid the groundwork for a turnaround, closing low-volume stores and initiating cost-saving measures. His departure, effective December 23, sent the stock spiralling. Shares ended 15.8% lower at A$16.96 apiece, their lowest since February 2014, and logged their worst session since late January 2024. The stock was the second biggest loser in the ASX 200 benchmark on the day, and has lost 90% of its value since scaling an all-time high in September 2021, when pizza sales surged and the company was mapping out expansion plans for the coming decade. "A new CEO will take some time to appoint, raising the risk (of an) extended period of sub-par execution and lost earnings and further talent loss," said John Lockton, head of investment strategy at MST Financial. The company's underlying profit declined 8% in 2024 and was 36% below its record 2021 profit . A consensus of analyst estimates forecasts an 85% slump in fiscal 2025 profit, per Visible Alpha. The board has begun a global search to replace the incumbent CEO, the firm said. Chairman Jack Cowin, who has over five decades of experience in the quick-service restaurant sector and is the company's largest shareholder, will assume the role of interim executive chair . Cowin was one of the founders of KFC in Australia and played a key role in Domino's expansion into Europe and Asia. Domino's Pizza Enterprises runs the largest master franchise of the U.S.-based Domino's Pizza in 12 countries across Asia, Europe, Australia and New Zealand. Japan accounts for around a fifth of its stores.
Forbes
02-07-2025
- Business
- Forbes
Australian Billionaire Jack Cowin Takes Executive Role At Domino's As CEO Unexpectedly Quits
Shares of Domino's Pizza slumped to a decade low in Sydney after the surprising resignation of CEO ... More Mark van Dyck. Getty Images Fastfood billionaire Jack Cowin will assume an interim executive role at Domino's Pizza Enterprises as its CEO and managing director Mark Van Dyck announced his unexpected resignation. Cowin, the company's biggest shareholder and chairman, has been appointed as executive chair effective immediately to lead Domino's into a smooth transition while management undertakes a global search to replace Van Dyck, whose resignation takes effect on Dec. 23, 2025, according to a company statement. Shares of Domino's dropped as much as 26% in Sydney trading, before finishing 15.8% down to A$16.96, the lowest close in more than a decade. 'Mark has made a valuable contribution to Domino's during a period of significant operational reset,' Cowin, 82, said. 'With the strategic foundations now firmly in place, this transition enables a new CEO to take Domino's to its next stage of growth.' Van Dyck, who took the helm in November 2024, had earlier this year announced plans to close 205 money-losing stores, most of which in Japan, to cut costs and boost earnings. The downsizing will result in A$97 million ($64 million) in one-off restructuring costs and generate A$15.5 million in annualized network savings, the company said then. Cowin brings over five decades of experience in the global quick-service restaurant sector. He is chairman and managing director of Competitive Foods Australia, which operates Burger King's Australian franchise as Hungry Jack's. across 480 restaurants and employs more than 25,000 people across Australia and New Zealand. Cowin, a Canadian who moved to Australia after a holiday to Sydney in 1968, has a net worth of $3.3 billion based on Forbes real-time data. He built his fortune from a KFC outlet he opened in Perth in 1969. Two years later, he secured the Burger King franchise that he owns up to now. He sold his KFC franchise to Australian restaurant operator Collins Food in 2013.
The Australian
02-07-2025
- Business
- The Australian
Domino's Pizza CEO quits as Hungry Jacks boss takes over
Domino's Pizza has lost its chief executive after seven months, leaving its company restructure and share price in disarray as investors worry about the future direction of the pizza chain. The news triggered a 17 per cent share price drop on Wednesday morning, after falling 40 per cent over the last year as earnings sour and a long line of executive departures, including two CEOs in the space of seven months. The shock departure of the CEO and concerns were heightened as to the future direction of the pizza chain and its much-needed revitalised strategy to revive its flagging sales and profitability. Domino's dropped the bombshell on the market before it opened on Wednesday that Mark van Dyck – who only joined as CEO in November to replace long-serving boss Don Meij – had told the board he intended to leave the company, with his departure to take effect on December 23. He has also stepped down from Domino's as a director, effective immediately. No explanation for his sudden reason to depart the pizza maker was given, other than a short statement from Mr van Dyck that he was privileged to lead Domino's through a 'transformative period'. Domino's chairman, billionaire and its largest shareholder Jack Cowin told The Australian on Wednesday morning that the Domino's business was travelling fine and was meeting its consensus forecasts, but that this was simply a 'management change' as CEO Mr van Dyck was looking for something different 'at this stage of his life'. 'Well, he just decided that at this stage of his life in six months time he would like to move on,' Mr Cowin told The Australian. The billionaire founder of Hungry Jack's, Domino's chairman and its largest shareholder, told The Australian Mr van Dyck had first joined Domino's as a consultant and then stepped into the CEO role when its former boss Don Meij left in November. 'He was brought in to do some specific things, which he has done, like set up the strategy, closed some stores that were losing money and he's done that and so the question is do you now move into a new stage of execution of some of the ideas that we want to work on. 'The business continues and there is no great drama here.' Domino's didn't issued a trading update with the announcement of its CEO quitting, but Mr Cowin confirmed to The Australian the pizza company was meeting consensus forecasts. The Australian contacted former CEO Mr Meij who is currently in Denver, US, for a business trip. He told The Australian he was unaware of the news of Mr van Dyck stepping down or what had happened at his former company. He declined to comment on the matter. Mr Meij left the company late last year after 22 years as CEO but in the wake of a string of profit downgrades and a collapsing share price. When Mr van Dyck was appointed as CEO in November he began knocking the company into shape which saw a string of executives depart, including the sister of Mr Meij, new executives hired and work begun on resetting the company which included the closure of 205 underperforming stores across Japan, Europe and Australia/New Zealand. But now Domino's must start again with a new CEO, when they are found, and a new strategy to lift the pizza maker out of the earnings doldrums. Taking the reins as interim CEO for the moment, will be Domino's chairman, largest shareholder, Mr Cowin, who will assume the role as executive chair as a global search begins for a CEO of Domino's whose pizza chains stretch from Australia and New Zealand to Japan, Germany and the Netherlands. The shock departure with no explanation will cause heartburn among investors who held out hope in Mr van Dyck and his stated plans when he joined about how he would set the former market darling company back on its growth trajectory after a tumultuous time on the market. 'It has been a privilege to lead Domino's through a transformative period,' Mr van Dyck said. 'With a clear strategy and strong team in place, I believe the time will be right at the end of this calendar year to hand over to the next CEO. My focus in the months ahead will be on supporting a smooth transition.' There has been a slew of management changes at Domino's recently including recent departures of its Australia/New Zealand boss, resignations and reshuffles at its European and Japanese arms and the announced resignation of its previous CFO in February. Now it will rack up three CEO's in a year. Mr Cowin, who has spent more than five decades in the global quick-service restaurant sector, including being one of the founders of KFC in Australia, the founder of Hungry Jack's, and leading Domino's expansion into Europe and Asia, thanked the outgoing CEO. 'Mark has made a valuable contribution to Domino's during a period of significant operational reset. With the strategic foundations now firmly in place, this transition enables a new CEO to take Domino's to its next stage of growth. I look forward to supporting the executive team during this important phase.' In February at its half-year results Domino's then new CEO Mr van Dyck said he believed Domino's still has huge opportunities in Japan, a $105bn fast-food market, but conceded the pizza chain grew too fast there and opened too many stores in the same prefecture, with heavy discounting diminishing the quality of pizza in the eyes of diners. Only three months into the role at the time, Mr van Dyck slammed the brakes on Domino's breakneck expansion under its former CEO Mr Meij, who took the Australia-based fast food business to Asia and Europe by buying and opening thousands of stores. Eli Greenblat Senior Business Reporter Eli Greenblat is a senior business reporter at The Australian and leads coverage for the paper on the retail and beverages industries as well as covering issues related to supermarket regulation and competition, consumer behaviour, shopping, online retail and food and grocery suppliers. He has previously written for The Age, Sydney Morning Herald and the Australian Financial Review. Retail Former Super Retail chair Sally Pitkin for the first time has officially personally denied the string of scandalous and salacious allegations made against her by twin whistleblowers, adding a new twist to the corporate saga. Companies For years, big investors have been calling out the rising influence of geopolitics on shares. The problem is no one knows how to quantify this.
