Chief Executive of Domino's Pizza resigns

Chief Executive of Domino's Pizza resignsLance Batchelor, the chief executive of Domino's Pizza tendered his resignation to take up a new job with a `not yet named' company.

He would however continue to work with the fast-food group until the end of April.

The announcement affected the company's shares as it ended the day, down by 49p, or 9.26 per cent, at 480p as analysts said the change of leadership created further uncertainty .

Stephen Hemsley, Domino's chairman said that 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.

He said that the company has begun the process to find a replacement for Lance, who will take up the position until 30 April 2014 to help with an orderly handover. The company wished Lance every success in his new role.

In the 750 stores of Domino's across the UK, total sales jumped 10.4 per cent to £140.9 million during the summer, boosted by a rise in online and mobile orders.

However, the firm's UK openings target for the entire year slithered from 60 to 50 because of changes to its store design. Domino's said, in July, its fledgling operation in Germany, with 25 outlets, would not break even until 2016 or 2017.