Domino’s boss lands $1.7 million pay check, with $5m in extra toppings
Don Meij has re-committed to Domino’s with a lucrative $1.7 million salary and hefty incentives.
Domino's Don Meij has revealed a shakeup of the business (pic: Domino's)
Meij’s new contract also included short-term incentives worth $1.6 million, long-term incentives worth $3.2 million and a one-off “special acquisition” opportunity of $750,000.
His new contract even comes with a no-fixed-term clause.
The new contract follows a sharp dip in the Domino’s share price since the end of pandemic restrictions. Domino’s dropped 5 per cent yesterday and another 9 per cent this morning after it released its trading update which revealed a fall of 1.8 per cent in trading in the year so far.
During the Covid restrictions, Domino’s was a star performer with its shares reaching a high of $161 in September last year, but they have slumped to just $60 now.
It came as the Brisbane-based fast-food company said it expected to deliver record network expansion this year with the opening of hundreds of new stores across Europe and the Asia Pacific region.
However, inflation was an issue for the company, particularly in Europe.
It said sales had picked up in October and it said it expected to achieve growth in its net profit after tax.
