Domino's Pizza plunges over chief executive surprise resignation
Friday 06 December 2013
Shares of Domino’s Pizza plunged more than 9 per cent in early trading today as the company stunned investors with the news of its chief executive’s resignation.
Lance Batchelor had only been at the helm of Britain’s biggest pizza delivery business for two years and just this week dismissed thoughts of moving on.
When asked by the London Evening Standard whether he saw his future at Domino’s, he said: “Yes, I am having such a good time here. The digital growth really excites me.”
In a statement, Domino’s said Batchelor, right, a former Royal Navy Submarine Warfare Officer who had spells at Vodafone, Amazon and Procter & Gamble, is off to work for a “significant private equity-backed company,” though it would not reveal the name.
The City wasn’t impressed, particularly as finance boss Lee Ginsberg, above left, announced his departure in July, and shares fell 47p to 482p — well short of the all-time high Domino’s reached earlier this year when it moved above 700p.
“The surprise exit of Batchelor comes at a time when there is significant uncertainty over Germany and the rate of roll-out in the UK,” said Peel Hunt’s leisure analyst Nick Batram.
In an unusually brief announcement with no comment from Batchelor, Domino’s chairman Stephen Hemsley said: “We are sorry to be losing Lance and thank him for his contribution to the continued growth of our business over the last three years. We have begun the process to find a replacement.”
Batchelor will leave at the end of April.
International Women's Day 2014: The shocking statistics that show why it is still so important
Singapore sting: Sky-high prices are pushing locals to the edge of affordability
International Women’s Day: 'When a man gives his opinion, he's a man. When a woman gives her opinion, she's a bitch' - feminist quotes from female icons to inspire you
International Women's Day 2014: Cherie Blair - ‘Today is a chance to see how far we still have to go’
Dead woman's body found sitting in a car after six years after direct debits ran $54,000 bank account dry
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
White people become less racist just by moving to more diverse areas, study finds
Exclusive: Impact of immigrants on British workers ‘negligible’
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Orgasm machine to deliver climax at the push of a button
- 3 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...