Domino’s Pizza is preparing to replace three of its most senior executives amid a damaging row with franchise holders, it emerged today.
The chain said it is succession planning for chief executive David Wild, chairman Stephen Hemsley and senior independent non-executive Helen Keays.
The information was contained in its annual report which was published last week, but was first reported today by Sky News.
Hemsley’s appointment has been extended by a year in order “to facilitate orderly succession planning”.
The changes at the top comes amid a bitter battle with many of the franchisees who own Domino’s stores.
Franchisees have argued they deserve a greater slice of profits and have slowed down new store openings to put pressure on the company to negotiate.
Store-owners also blasted Wild for saying he was “very optimistic” about a resolution to the impasse, calling his claims “extremely misleading”.
Domino’s had previously denied reports that shareholders had been unhappy about its plans to strengthen its board, rejecting reports that top shareholders had complained its executive team was not being challenged enough.
A Domino's spokesperson said: “As you would expect the board has held internal discussions about succession planning for the chairman and CEO. We are not going to speculate on the outcome of any board changes, and will update the market as and when there are any developments.”
Shares were up 3.6 per cent at 241p today.