Domino’s Pizza, Inc. Stock Sinks on CEO Departure News

Advertisement

Domino’s Pizza, Inc. (NYSE:DPZ) stock was on the decline today following news that its CEO is leaving the company.

Domino's Pizza, Inc. Stock Sinks on CEO Departure News

Source: Shutterstock

J. Patrick Doyle, the current CEO of Domino’s Pizza, Inc., is planning to leave the company on June 30, 2018. This will bring an end to his eight-year tenure as the CEO of the company. Doyle has been with the company for more than 20 years.

According to the Domino’s Pizza, Inc. CEO, he has accomplished the goals he set out to complete when he took over as CEO in 2010. This includes making it the number one pizza chain in the world, providing franchisees with great returns and the creation of a strong leadership team to guide future efforts.

Domino’s Pizza, Inc. is ready for J. Patrick Doyle to step down from the position of CEO. The company has announced that Richard Allison, president of Domino’s International, will be taking over the role of CEO immediately after Doyle’s departure.

Domino’s Pizza, Inc. also notes that it will be promoting Russell Weiner, President of Domino’s USA, to a new position at the same time that Allison takes over as CEO. This will have him become the new President of Domino’s Americas ,as well as taking on the role of COO. DPZ is creating the COO role for Weiner.

‘Patrick excelled at every role he served at Domino’s for more than 20 years and during the past eight, he distinguished himself as one of the best leaders in the restaurant industry,” David Brandon, Chairman of the Board at Domino’s Pizza, Inc., said in a statement. “Under his leadership, the brand opened more than 5,500 stores, launched in more than a dozen new countries, and Domino’s became one of the top-performing stocks of the decade.”

DPZ stock was down 4% as of noon Wednesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/01/dominos-pizza-stock-drops-on-ceo-departure/.

©2024 InvestorPlace Media, LLC