Qld Domino’s boss lasts just one year in top role
The CEO of Queensland-based Domino’s is stepping down immediately after less than 12 months in the role.
Domino’s Australia and New Zealand CEO Merrill Pereyra officially stepped down from his role yesterday, which the pizza chain said was the result of a mutual agreement between the parties.
Perayra, a former managing director of Pizza Hut in India, was first appointed to the role in January of this year.
Group CEO and managing director Andrew Gregory will now temporarily fill the role of ANZ CEO. He was appointed in February and officially joined the company in early August, having previously been CEO of McDonald’s Australia.
Gregory said Domino’s had made progress through the company reset, with a plan now in place for the 880 Australian and New Zealand stores and management.
“I thank Merrill for delivering that groundwork,” Gregory said.
“My focus will be to work directly with the leadership team and our franchisees to increase the pace of execution, build on that foundation and deliver sustainable profitability.”
The change comes as stores in Australia, New Zealand, Europe and Asia struggle to lift lagging sales, along with store closures in Japan and Taiwan.
Domino’s has been shifting away from its discount strategy to combat dropping sales, instead adopting an everyday value strategy.
Domino’s Chairman Jack Cowin said reducing costs and paying down debt in the past financial year had served as a catalyst for the company’s reset, which he said remains on track.
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“Australia and New Zealand is critical to the group’s success, and the board supports Andrew taking direct responsibility to increase the pace of execution while maintaining a clear focus on sustainable, profitable growth for franchise partners,” Cowin said.
In the last financial year, Domino reported a loss of $134 million, the closure of 60 stores across its 3,500-store network, and an 11.2 per cent drop in revenue.
The company will now commence a search for a replacement CEO and provide its next trading update at the Annual General Meeting on November 11.
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