Domino’s Pizza Inc. (NYSE: DPZ) shares took a step back on Wednesday after it was announced that the company’s long-standing chief executive officer would be leaving the company. CEO Patrick Doyle has headed up the pizza chain since March 2010, and the company saw explosive growth under his watch.
When Doyle took over in 2010 the stock was right around $15 per share. Now the share price is at $197 — let that sink in for a second. Also, in just the past 52 weeks alone the stock is up 25%.
Doyle will be stepping down from his role as CEO in July of 2018, and he will be replaced by Richard Allison, who is currently the president of Domino’s International. Domino’s is further shuffling the deck, promoting Russell Weiner, president of Domino’s USA, to the newly created role of chief operating officer of Domino’s and president of the Americas.
Doyle commented:
One of the great honors and opportunities of my professional life was being named CEO of this incredible brand in early 2010. At that time, I set three goals for myself: I wanted us to become the #1 pizza company in the world; I wanted Domino’s to provide our franchisees with the best possible return on their investment by creating a dramatically better experience for our customers; and I wanted to have a Leadership Team in place that would be ready to create even better results into the future. I’m proud to say that we’ve accomplished all of those goals, and I will leave Domino’s knowing that it is in great hands.
Domino’s board chair, David Brandon, added:
Patrick excelled at every role he served at Domino’s for more than 20 years and during the past eight, he distinguished himself as one of the best leaders in the restaurant industry. Under his leadership, the brand opened more than 5,500 stores, launched in more than a dozen new countries, and Domino’s became one of the top-performing stocks of the decade. As important, though, is the fact that he developed an outstanding leadership team, which has allowed the Board to select a successor from that team.
Shares of Domino’s traded down nearly 5% at $197.01 on Wednesday, with a consensus analyst price target of $216.06 and a 52-week range of $164.32 to $221.58.
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.