Stephen Hemsley, Chairman of the famed Domino’s Pizza Group will be stepping down today as Chairman of the organization by December 29.
Hemsley served as the Chairman for over 20 years, initially served as the non-executive chairman and made some significant changes at the store to improve the processes.
Due to the need for board members to refresh themselves in the wake of the financial reporting council’s revised corporate code, the recently retired CEO, David Wild initiated the need to replace the CEO and Chairman.
The search for a new chairman is progressing, and will be followed by the appointment of a new chief executive’. Domino’s Pizza stated.
Interim, Ian Bull, the current Senior Independent Director will assume the role of the acting chairman until a replacement is found.
Earlier in 2019, the team of Domino’s management was said to have misled investors when they stated a resolution could be attained over the state of relation with the franchisees.
Domino’s Pizza and its franchisees currently are at total odds over how profits are to be shared. A dissatisfied store owner said in a letter sent to Domino’s Pizza that the comments were ‘’extremely misleading’’ because of the situation amongst Wild and his board with their Franchisees
