On Tuesday, Domino’s Pizza Inc. said its CEO Patrick Doyle would leave the largest pizza delivery chain in the U.S. in June and his replacement would be Richard Allison, who is currently the president of the company’s international business.
In trading after hours, shares of Domino’s dropped by 2.8% following the news of Doyle’s pending departure. Doyle has been the CEO since early in 2010 and presided over the turnaround of the pizza chain that improved the taste of the namesake product of the company, invested in ordering online and promotions that helped to fuel strong gains in share price.
Doyle in a prepared statement said he accomplished many of his goals, including making Domino’s No. 1, but did not give any indication of his future plans.
Messages were left for Domino’s for a response to the news of Doyle pending departure, but did not answer those requests.
Domino’s reworked the pizza recipe it uses for U.S. pizzas during December of 2009, when Doyle was the chain’s president, and he perhaps will be best known for his admission in news interviews and advertisements that the pizza at Domino’s before the recipe changes did not taste good.
That campaign, which also included comments from focus groups comparing crusts of Domino’s pizza to cardboard and dubbed the pizza the worst excuse for a pizza that they had ever had, had been seen widely as a big marketing win for the chain and helped to fuel the turnaround it soon experienced.
Company shares on Tuesday ended the trading day priced at $206.71 compared to a price of $7.75 back in December of 2009.
Doyle, who just turned 54, is considered by many experts in the industry as a possible candidate for the Chipotle Mexican Grill CEO position.
The burrito maker has struggled as it attempts to regain firm footing following a series of lapses in food safety during 2015 and has lagged behind other big chains when compared to online advancements and delivery.
A spokesperson for Chipotle did not comment when asked about the company’s search for a CEO.
Allison, who will take the reins from Doyle is 50 and will start the new position as of July 1.
Over 50% of Domino’s close to 14,400 locations are located outside the U.S.