December 10, 2019 / 9:05 AM / 8 months ago

Domino's Pizza chairman Stephen Hemsley to step down

FILE PHOTO: A Domino's Pizza sign sits on the top of a delivery car outside a restaurant in Los Angeles, California, U.S. July 18, 2018. REUTERS/Lucy Nicholson

(Reuters) - Domino’s Pizza Group (DOM.L) on Tuesday said its long-serving Chairman Stephen Hemsley will step down from the board, four months after the British pizza delivery chain announced the retirement of its chief executive officer.

Hemsley, who was appointed as Domino’s non-executive chairman in March 2010, will leave the company on Dec. 29. Senior Independent Director Ian Bull will assume the role of an interim chairman.

“The search for a new chairman is progressing, and will be followed by the appointment of a new CEO,” the company said in a statement.

CEO David Wild announced his intention to retire in August after the company said earlier this year it was considering replacing its CEO and chairman in the wake of the Financial Reporting Council’s revised corporate code that emphasized the need for boards to refresh themselves.

The British company - which is a franchise of U.S.-based Domino’s Pizza Inc (DPZ.N), has been struggling to control costs in its overseas business and is in the process of exiting four of its loss-making international operations.

(This story corrects paragraph 4 to say CEO David Wild announced his intention to retire in August, not retired in August)

Reporting by Shanima A in Bengaluru, Editing by Sherry Jacob-Phillips

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