Latest news with #MarkVanDyck
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.
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.
Yahoo
02-07-2025
- Business
- Yahoo
Domino's Australia Shares Sink as CEO Plans Exit After One Year
(Bloomberg) -- Shares of Domino's Pizza Enterprises Ltd. tumbled to their lowest since 2013 after the company said Group Chief Executive Officer and Managing Director Mark van Dyck will step down after just one year in the role. Struggling Downtowns Are Looking to Lure New Crowds Sprawl Is Still Not the Answer California Exempts Building Projects From Environmental Law The stock fell as much as 26% in Sydney on Wednesday after the Brisbane, Australia-based company said Van Dyck will leave in December. Billionaire fast food magnate Jack Cowin has been appointed interim executive chairman effective immediately, according to an exchange statement. 'This announcement is a surprise and adds to the uncertainty' at a time when Domino's is attempting to reset its business, Morgan Stanley analysts wrote in a note. The departure comes after an overhaul of the firm's global leadership in the past year. Van Dyck succeeded CEO and Managing Director Don Meij, who had been with Domino's for almost 40 years, in November. Cowin is the company's biggest shareholder and was already its chairman. He is also the chairman and managing director of CFAL Group, operator of the Hungry Jack's chain, which holds the master franchise for Burger King in Australia. The board is undertaking a global search process for a new group CEO, it said in a statement. Van Dyck oversaw the closure of 205 underperforming stores in Europe, Japan, Australia and New Zealand. '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,' Van Dyck said in the statement. The company's ANZ CEO Kerri Hayman will step down in August, it said in May. (Updates share price move, adds analyst comments in 3rd paragraph) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-07-2025
- Business
- Yahoo
Domino's Australia Shares Sink as CEO Plans Exit After One Year
(Bloomberg) -- Shares of Domino's Pizza Enterprises Ltd. tumbled to their lowest since 2013 after the company said Group Chief Executive Officer and Managing Director Mark van Dyck will step down after just one year in the role. Struggling Downtowns Are Looking to Lure New Crowds Sprawl Is Still Not the Answer California Exempts Building Projects From Environmental Law The stock fell as much as 26% in Sydney on Wednesday after the Brisbane, Australia-based company said Van Dyck will leave in December. Billionaire fast food magnate Jack Cowin has been appointed interim executive chairman effective immediately, according to an exchange statement. 'This announcement is a surprise and adds to the uncertainty' at a time when Domino's is attempting to reset its business, Morgan Stanley analysts wrote in a note. The departure comes after an overhaul of the firm's global leadership in the past year. Van Dyck succeeded CEO and Managing Director Don Meij, who had been with Domino's for almost 40 years, in November. Cowin is the company's biggest shareholder and was already its chairman. He is also the chairman and managing director of CFAL Group, operator of the Hungry Jack's chain, which holds the master franchise for Burger King in Australia. The board is undertaking a global search process for a new group CEO, it said in a statement. Van Dyck oversaw the closure of 205 underperforming stores in Europe, Japan, Australia and New Zealand. '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,' Van Dyck said in the statement. The company's ANZ CEO Kerri Hayman will step down in August, it said in May. (Updates share price move, adds analyst comments in 3rd paragraph) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-07-2025
- Business
- Yahoo
Domino's boss shock resignation
Domino's Pizza Australia Enterprise announced group chief executive and managing director Mark van Dyck has announced his intentions to step away from the company just before Christmas. In a shocking announcement, Mr van Dyck will step away from the board on December 23, having only taken over from long-serving chief executive Don Meij in November. 'The board has initiated a global search process to appoint a new group CEO to lead the business through its next phase of growth,' Domino's said. Mr van Dyck said it was a privilege to lead Domino's through this transition period. '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 chief executive,' he said. 'My focus in the months ahead will be on supporting a smooth transition.' As part of the transition, chairman Jack Cowin will assume the role of executive chair on an interim basis, effective immediately and work with Mr van Dyck and the executive team over the coming months. 'Mark has made a valuable contribution to Domino's during a period of significant operational reset,' Mr Cowin said in a statement on the ASX. '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.' Mr van Dyck leaving comes just a month after Domino's Pizza Australia and New Zealand chief executive Kerri Hayman abruptly resigned after just nine most in the top job. In a statement at the time from the pizza chain to the ASX, Ms Hayman, who is the sister of former Domino's group chief Don Meij, said it was the right time to take the next step in her journey. Ms Hayman will remain in the role through to August 29, as she looks to support the leadership transition and helps to deliver on Domino's strategic plans. Error in retrieving data Sign in to access your portfolio Error in retrieving data
