Domino's Pizza (DPZ.US) announced on Monday the appointment of fast-food industry veteran Merrill Pereyra as the new Chief Executive Officer for its Australia and New Zealand region, a move that triggered a significant surge in the company's stock price. In a statement, Domino's indicated that Pereyra was previously with Yum! Brands Inc. (YUM.US), serving as Managing Director of Pizza Hut India since 2019. He brings over 30 years of experience in the fast-food industry, having also worked for McDonald's (MCD.US) and previously held the position of CEO for Domino's Indonesia. Company Executive Chairman Jack Cowin stated in the declaration: "We are thrilled to welcome an executive of Pereyra's caliber to lead our core Australia and New Zealand market business. Pereyra has a strong track record in maintaining franchisee partnerships, driving same-store sales growth, and optimizing unit-level economics to enable network expansion. The Board is confident he will work effectively with our franchise partners to improve the company's performance." Following the announcement, Domino's stock on the Sydney Exchange climbed as much as 6.8%. Prior to this Monday, the company's share price had fallen 22% over the past 12 months. During this period, the pizza chain has faced challenges including slowing sales growth, management turnover, and increased competition from new entrants such as the publicly listed burrito chain Guzman y Gomez Ltd. Domino's also revealed that the search for a new Group Chief Executive Officer is progressing in an orderly manner. The position was previously held by Mark van Dyck, who resigned in July of this year after serving for less than one year.