Domino's Pizza says Andrew Rennie 'committed' to European role

Shares in Domino's Pizza slumped on Friday after the company denied speculation that Andrew Rennie, the chief executive for Europe, was set to take over from UK and Ireland CEO David Wild.

Domino's stock rose sharply on Thursday after Sky News said the company was in advanced talks to replace Wild, with Rennie the frontrunner.

But Domino's said in a statement on the ASX on Friday that there is "no substance" to the speculation, and that Rennie has confirmed he is "committed to his current role".

Rennie said: "As a senior executive in this business, and a significant holder of DMP shares, I am invested in our future and look forward to delivering on the growth plans we have outlined to the market."

Broker Liberum said it was "understandable" that the shares rose on Thursday as Rennie has "an excellent track record" and is "culturally just the man" for the job, being an ex-franchisee.

"He would be highly respected by the UK franchisees and having known Andrew for many years, we appreciate, and quite rightly, why the shares rose yesterday," Liberum said.

At 0900 BST, the shares were down 5.8% at 263.50p.