Domino's Pizza said a delivery driver has been fired after surveillance footage at a building in Surrey, England caught the man on video eating pizza toppings while in an elevator, Jan.23, 2018. In this photo, a Domino's Pizza store in Miami, Florida, Apr
Domino's Pizza said a delivery driver has been fired after surveillance footage at a building in Surrey, England caught the man on video eating pizza toppings while in an elevator, Jan.23, 2018. In this photo, a Domino's Pizza store in Miami, Florida, April 14, 2004.

Australia's Domino's Pizza Enterprises announced the departure of its long-serving CEO, Don Meij, after a 20-year tenure, leading to a decline in the company's shares.

Following the announcement, the company's shares saw some volatility, finally settling down at a 6% drop at AU$31.67.

Meij, who led the company's transformation into a multi-billion-dollar business over two decades, had started work life as a delivery agent at Radcliffe, Reuters reported.

Under Meij's leadership, Domino's Pizza Enterprises -- the biggest pizza chain outside the U.S. -- grew into a major force on a global scale.

His tenure saw the business expand to run a fleet of more than 3,700 stores in 12 countries, including the Netherlands, Germany, France, Belgium, Australia, New Zealand, Singapore, Cambodia, Japan, Taiwan, and Malaysia, Sky News reported.

Mark van Dyck, who has previously served as the Asia-Pacific leader at Compass Group, will take over as Domino's chief from Wednesday.

The company had debuted in Australia in 2005, during which it had a value of AU$132 million. On Nov. 4, it was valued at AU$3.12 billion.

However, Domino's Pizza's sales graph slid due to post-COVID market stressors; it suffered particularly in Japan, ruining the company's plans to establish 2,000 stores in Japan over a decade. Domino's was forced to scale back due to weak sales volumes and high operational costs.

"We acknowledge Don Meij's enormous contribution & value creation since DMP's listing but believe this development (Meij's resignation) is positive because it paves the way for the business to make the changes required to improve unit economics & restore growth," analysts at Jefferies said.

"Whilst the incoming CEO has strong credentials from the Compass Group, managing the relationship with franchisees and improving their profitability will be his key challenge," Phillip Kimber, a retail analyst at E&P Financial, said.

Meij stated that although stepping down as CEO was a difficult decision, he believes it's the right time to pass the baton to new leadership.