Domino’s Pizza Group has announced the resignation of Lance Batchelor, Chief Executive Officer who, it is now understood, will be joining Saga Insurance as Chief Executive.
The announcement of Batchelor’s departure, following that of Finance Head Lee Ginsberg, produced an immediate share fall as the market worried about Domino’s prospects in the near future. Problems with the expansion into Germany, combined with concern over growth prospects in the UK, had already put Domino’s under the spotlight, where it will certainly continue to be carefully watched in the months ahead.
Stephen Hemsley, Chairman of Domino’s Pizza Group, commented:
“Lance has been offered a new role in a significant private equity backed company and as a result has tendered his resignation. His new company operates in a non-competing sector. We are sorry to be losing Lance and thank him for his contribution to the continued growth of our business over the last three years.
“We have begun the process to find a replacement for Lance who will be with us until 30th April 2014 to help with an orderly handover to his successor. We will update the market on progress with that process in due course.”