Domino’s shares fall as CEO will step down in June

Domino’s Pizza, Inc. (NYSE: DPZ) announced on Tuesday its chief executive, Patrick Doyle, will leave the company in June and would be replaced by Richard Allison, currently president of its international business.

Doyle became Domino's CEO in 2010, following a period of decline at the chain. Domino's slumped from 2006 to 2008 as customers slammed its pizza's "cardboard crust" and ketchup-y sauce. The pizza chain launched a campaign acknowledging the problems — down to the criticism that people would prefer microwave pizza over Domino's — with Doyle appearing in the ad to promise the chain would make changes.

Since then, the chain has grown its share of the pizza-delivery market by roughly 1% every year since 2011. It reached 27.2% in 2016, up from 21.9% in 2011. And, as other pizza chains have struggled, Domino's announced in October that the company grew global retail sales by 14.5% in the most recent quarter.

Doyle, who is 54 years old, is seen by some industry experts as a potential candidate for the CEO job at Chipotle Mexican Grill. Chipotle has struggled to regain its footing after a string of food safety lapses in 2015 and is lagging other chains when it comes to digital efforts and delivery. A Chipotle spokesman declined to comment on its CEO search.

Allison, who is 50 years old, will become CEO on July 1.

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