The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is slipping today.
Shares in the S&P/ASX 200 Index (ASX: XJO) fast food pizza retailer closed on Friday trading for $25.20. In morning trade on Monday, shares are changing hands for $25.03 apiece, down 0.7%.
For some context, the ASX 200 is down 0.3% at this same time.
This follows news of a major leadership shakeup at the company.
Here's what's happening.
Image source: Getty Images
Domino's share price dips on CEO exit
The Domino's share price is in the red after the company announced that its ANZ CEO, Kerri Hayman, will step down in August.
The company said her departure follows "an exceptional" 37-year career with Domino's across Australia, the United Kingdom, and the United States.
"I've been privileged to serve the Domino's brand for 37 years, my entire working life," Hayman said. "This is the right time for me to take the next step in my journey."
She concluded:
Since returning to Australia in 2023, I've been proud of the work we've done to strengthen operations, from improving product quality and growing new occasions like lunch, to delivering stronger sales and profits for our franchise partners.
Domino's is now entering a new chapter, with a clear 'Recipe for Growth' in place for Australia and New Zealand. With the business well positioned for the future, I feel confident this is the right time for me to open a new chapter of my own.
"Anyone who has worked with Kerri knows her deep passion for pizza, people, and the success of our franchise partners," Domino's group CEO and managing director, Mark van Dyck, said.
"Since her return to Australia, she has helped make Domino's a stronger, more resilient business, drawing on her global experience and unwavering commitment to operational excellence," van Dyk added.
Who's taking the reins in ANZ?
The Domino's share price shouldn't face additional headwinds following Hayman's departure, with the company announcing that "experienced leader, and former franchise partner" Greg Steenson, has been appointed the role of chief operating officer, Australia, effective immediately.
"Greg is one of the most awarded team members in our system, twice recognised as Multi Unit Franchisee of the Year, ANZ Manager of the Year, and the recipient of multiple leadership awards," van Dyk said.
The company said that Hayman will remain on as ANZ CEO through 29 August to support the leadership transition and the delivery of Domino's new strategic plan.
Domino's has launched an international recruitment process for a permanent replacement.
Domino's share price snapshot
With today's intraday dip factored in, the Domino's share price is down 32% since this time last year.
