Domino’s CEO Don Meij departs after 22 years in top job

Don Meij may be stepping down from the giant Domino’s franchise he took from suburban Brisbane to a $4bn global success story, but he’s not exiting the corporate world altogether.

Domino’s Pizza chief Don Meij at the company headquarters in Brisbane. Picture: Tertius Pickard

Don Meij may be stepping down from the giant Domino’s franchise he took from suburban Brisbane to a $4bn global success story, but he’s not exiting the corporate world altogether.

Mr Meij, the former pizza delivery boy who announced his retirement from Domino’s after 22 years as chief executive, said he still had “one more big thing to do”.

“I am going to take some time, sit down and write down what I think is the perfect company,” Mr Meij said on Tuesday after announcing he will be replaced by former Coca-Cola executive Mark van Dyck.

“I am still young enough to go onto other things,” Mr Meij said.

Mr Meij, 55, said it had “been on his mind” for some time that he should look at doing something else, but was not forthcoming about what industry he was interested in.

“I always dream big but I never thought the business would get this big,” he said.

“It was strategic in that I knew we did not want to just operate in Australia but in places like Germany, Japan and the Netherlands.

“Domino’s really has been my life. While this decision was not easy, it’s the right time for me to step back and for new leadership to guide the next era of growth.”

Mr Meij is considered a major global success story within Brisbane’s close-knit business community.

A very young Don Meij when he started at Domino’s Pizza as a delivery boy.

“Brisbane is still home,” he said. “My mum and dad still live here, along with several of my children. Part of me may be overseas on international business but Brisbane still has my heart.”

Mr Meij said that Domino’s had faced challenges over the years, the most serious being the surge in inflation across the globe that hit its international operations after Covid-19.

“It has been a very tough period,” he said. Domino’s shares have slumped 46 per cent so far this year as rising costs hit its bottom line. They fell 6.2 per cent to $31.60 on Tuesday, wiping $3.5m from the value of Meij’s 1.67 million direct and indirect shares in the pizza maker.

While Guzman y Gomez, the ASX-listed Mexican-themed fast food chain, is challenging Domino’s, Mr Meij said the company’s main rivals remain the “burger and chicken” sector.

Mr Meij’s exit comes as Domino’s released a mixed trading performance for the first 17 weeks of the financial year, with same store sales down 1.2 per cent compared to 2.7 per cent growth in the previous corresponding period.

The company is performing strongly in Australia, Singapore and Taiwan but is struggling in Germany, France and Japan where sales remain negative year-to-date.

Don Meij at the company headquarters in Brisbane. Picture: Annette Dew

Mr van Dyck, who was most recently the Australian head of hospitality group Compass, will work with Mr Meij and the board over the next year as part of a transition period.

Mr van Dyck said it was important Domino’s stayed close to its customers, especially as global inflation continued to bite. “It is not going to go away and there is still a lot of pressure on consumers’ pockets,” he said. “In the last 12-24 months, we have introduced some good products, particularly in the snacking area with things like Meltzz.”

Mr van Dyck will get a fixed annual remuneration of $1.59m, including superannuation and statutory entitlements, subject to an annual review. Mr Meij’s fixed pay was $1.78m in fiscal 2024, taking home more than $2m.

E&P analyst Phillip Kimber said that while Mr van Dyck had strong credentials, how he manages the company’s relationship with franchisees and improving their profitability will be a key challenge.

Looking ahead to the future. Picture: David Kelly

“Mr Meij was a key figure for the franchisees,” Mr Kimber said.

“In one sense, Domino’s is in the business of selling franchises that sell pizza – thus franchisee relationships are crucial to the success of the business.”

Mr Kimber said Domino’ latest trading update was disappointing with some earnings risks associated with the change in chief executive.

Mr Meij credited a lot of his success to his connections with the local business community, starting with his first job as a pizza delivery driver at Redcliffe, north of Brisbane. He said while it may not be common in other industries, Domino’s still had many senior executives who started their careers as delivery drivers or store operators.

Mr Meij’s sister, Kerri Hayman, who has also been with Domino’s for about 40 years and was appointed as the Australian and New Zealand CEO in August, started with the company as a 15-year-old pizza maker.

Originally published as Domino’s CEO Don Meij departs after 22 years in top job