Domino's considering succession planning amid franchisee row

Franchisees have argued they deserve a greater slice of profits and have slowed down store openings.

Domino’s Pizza Group plc was considering succession planning to replace three its most senior board members, including Chairman Stephen Hemsley and Chief Executive Officer David Wild, the pizza delivery firm’s annual report revealed.

Hemsley’s appointment has been extended by a year in order “to facilitate orderly succession planning.” The annual was published last week, but was first reported by Sky News.

The changes follow revisions in the Financial Reporting Council’s corporate code, which emphasises the need for boards to refresh, become diverse and plan properly for replacing top jobs. It introduced a requirement for companies to publicly explain if a board chair has remained unchanged for more than nine years.

“Whilst we acknowledge the Code’s provisions, the timing and sequencing of these Board changes must be appropriate for the business, and the Committee is currently formulating its plans,” Hemsley said in a statement that was part of the report.