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Domino's turnaround CEO to step down in June


By Lisa Baertlein

(Reuters) - Inc said on Tuesday its chief executive, Patrick Doyle, will leave the biggest delivery chain in June and would be replaced by Richard Allison, currently of its international business.

In after-market trading, shares in Domino's fell 2.8 percent to $201 following of the pending departure of Doyle, who has been since early 2010. He presided over a turnaround that improved the taste of the company's namesake product, invested in and promotions, and fuelled explosive share gains.

Doyle in a statement said he had accomplished several goals, including making the company No. 1 in its category, but did not elaborate on his plans.

Domino's did not immediately respond to requests for comment.

Domino's reworked its recipe in December 2009, when Doyle was of the chain, and he is perhaps best known for admitting in commercials and interviews that the company's simply did not taste good.

The campaign, which included group comments comparing Domino's crusts to cardboard and dubbing the product the "worst excuse for I've ever had," was widely seen as a marketing win for Domino's and helped fuel its turnaround.

Company shares, which traded at $7.75 on Dec. 1, 2009, closed at $206.71 on Tuesday.

Doyle, who is 54 years old, is seen by some industry experts as a potential candidate for the job at Chipotle Mexican Grill Inc .

Chipotle has struggled to regain its footing after a string of in 2015 and is lagging other chains when it comes to digital efforts and delivery.

A Chipotle declined comment on its search.

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

More than half of Domino's roughly 14,400 stores are located outside the

(Reporting by in Los Angeles and Uday Sampath in Bengaluru; Editing by and Chris Reese)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 06:40 IST