Domino’s CEO bids fond farewell to the brand
Last week, Domino’s Pizza CEO Patrick Doyle announced that he was stepping down after eight and a half years at the helm. Doyle is widely regarded as a turnaround artist who set Domino’s on its current – very successful – course. And, by his own admission, he expected to lead the brand for about a decade. This combination of factors could explain why the brand’s share price trailed down by 3% when the news broke. Investors, however, appear to have taken heart in both Doyle’s optimism for the move, and the company’s obvious strength.
Domino’s share price has risen by 27% in the last 12 months
Source: Yahoo Finance
Doyle, who will be replaced in the CEO role by Richard Allison, the president of Domino’s International, said he “couldn’t be more thrilled” at who was replacing him. He opined that “there’s a rhythm to these things, and this is the right time to do it. I’ll run hard until the end of June, take the back half of the year off and figure out what I’m going to do next.”
Doyle is not worried about the future of the company he’s leaving behind. He told the press that: "I accomplished the goals that I had set out for myself when I took over in 2010. We've got an amazing team in place, and so I would not leave unless I was confident that this business was going to do even better going forward."
He’s also not too concerned about his own prospects for the future. Discussing what would come next, Doyle reiterated his commitment to Domino’s in the meantime:
"I'm in a position that, fortunately, I can do this sequentially. So I am thinking about nothing but Domino's until midnight on June 30. I'm not going to retire. I'm too young for that. I'm going to keep doing something, but I have no idea what that's going to look like and I'm going to take a little bit of time in the back half of the year and figure that out."
Dominion holds Domino’s Pizza in its Global Trends Managed Fund.
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