Cowin steps in as Domino's CEO departs

Domino’s Pizza chief executive Mark van Dyck will depart the company from December 23, with Hungry Jack's founder Jack Cowin to become interim executive chair.

In a surprise announcement to the market this morning, Domino's revealed Mr van Dyck would be leaving his role before the end of the year - prompting the pizza giant's share price to tumble more than 25 per cent. 

Mr Cowin will assume executive chair responsibilities on an interim basis, while a global search is carried out for a replacement.

Mr Cowin is Domino's largest shareholder and no stranger to WA, as chair and managing director of CFAL Group which operates Hungry Jack’s in Australia. An octogenarian, he also brought KFC to Australia - via WA - during the 1960s. 

He is currently non-executive chair of Domino's.

Mr van Dyck took over as CEO in November last year after the departure of Mr Meij, but said the "time was right" for him to move on after setting in place a clear strategy for the company's future growth.

Under his leadership, 205 Domino's stores deemed underperforming were closed in Japan, Europe and across Australia and New Zealand.

Mr Cowin thanked Mr van Dyck for his time in the role.

"Mark has made a valuable contribution to Domino's during a period of significant operational reset," he 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.

"I look forward to supporting the executive team during this important period."

Mr van Dyck said the “time was right” for the decision.

“It has been a privilege to lead Domino’s through a transformative period,” he 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.”

Domino's shares plummeted 25.6 per cent in early trade to $14.98.