(Alliance News) - Domino's Pizza Group PLC on Tuesday said Chair Stephen Hemsley will step down before the end of the year as the firm continues its search for his permanent replacement and for a new chief executive.
Hemsley will step down on December 29, despite the firm in August saying he would remain as chair until a successor is found.
Domino's said: "The board would like to place on record its appreciation of Stephen's exceptional contribution to the development of Domino's. Since joining in 1998, he has seen the company through its IPO on AIM and has taken it from a market capitalisation of GBP25 million to almost GBP1.5 billion today, and from nearly 100 UK stores to over 1,250 stores spanning the UK, Irish, and other international markets."
Senior Independent Director Ian Bull will become interim chair while the FTSE 250 pizza delivery company finds a permanent replacement.
The firm is also looking for a new chief executive. In August, Domino's said incumbent David West announced his intention to retire, though he will remain in the role until a replacement is found.
Domino's added: "The search for a new chairman is progressing, and will be followed by the appointment of a new CEO. Further announcements will be made in due course."
Shares in the company were 1.1% lower at 302.60 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Dominos (DOM)