The chief executive officer (CEO) at Domino’s Pizza, Andrew Rennie, has stepped down from the role by mutual agreement with immediate effect.

Rennie joined the takeaway pizza chain two years ago as CEO.

Although Domino’s earlier this month reported a "solid" performance in Q3 and reiterated its full-year guidance, it has seen its share price fall by over 35% over the last 12 months.

Domino’s said it had commenced a search process to identify a successor, and its current chief operations officer, Nicola Frampton, will serve as interim CEO.

Chair at Domino’s, Ian Bull, said: "I would like to thank Andrew for his contribution to the business, including overseeing continued operational excellence and significant market share gains. We wish him well for the future.

"Domino's has an exceptional brand, a resilient business model and continues to gain market share, despite the challenging external environment. The board believes that there are a number of opportunities to drive further growth and value creation in Domino's core business."

Head of markets at AJ Bell, Dan Coatsworth, suggested the company's board was sending a message to the market that "something radical must change".

He concluded: "The clue lies in the miserable share price performance since he took the reins. Behind closed doors, it’s possible the board was coming under pressure from shareholders asking why strategic actions aren’t resonating with the market. Ultimately, investors hold the shares to make money, and over the past year their wealth in the company has melted away faster than an ice cream on a hot day.

"Domino’s is trying to adapt with the times as competition for fast food is intense, and consumer tastes are evolving. Healthier eating habits, as well as appetites being diminished by weight-loss drugs, means Domino’s is in a precarious position. Greasy pizzas might be everyone’s dream after a few pints in the pub, but they’re increasingly off the menu for many other people."

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