Billionaire Jack Cowin, the Canadian-born entrepreneur who introduced Kentucky Fried Chicken to Australia in the late 1960s, is once again making headlines. At 83, the self-made fast-food mogul has stepped in to lead a turnaround at Domino’s Pizza Enterprises Ltd., the largest Domino’s franchisee outside the United States.
The move comes after a turbulent period for the Sydney-listed company, which operates thousands of stores from Australia to Europe. Once a pandemic-era star, the stock has fallen nearly 90% from its 2021 peak, as rising costs, increased competition, and global expansion pressures cut deep into profitability.
A Billionaire With Skin in the Game
Cowin, worth an estimated $3.2 billion according to the Bloomberg Billionaires Index, owns nearly 25% of Domino’s Pizza Enterprises. His fortune also comes from CFAL Group, the parent company of Hungry Jack’s, which holds the Burger King master franchise in Australia.
For Cowin, the revival of Domino’s Pizza Enterprises is not just about corporate legacy—it’s personal wealth preservation. “We’re taking action to make Domino’s a leaner, more efficient business,” he said this week.
The Domino’s Collapse
The scale of the decline is stark. Domino’s Pizza Enterprises reported a net loss of A$3.7 million ($2.4 million) in the year ending June 29, 2025—down from a A$96 million profit a year earlier. The company slashed its final dividend and saw its Sydney-listed shares tumble 21% in a single day following the announcement.
Regional performance has also weakened:
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Asia: Revenue down 7.1%
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Europe: Revenue down 6.9%
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Australia & New Zealand: Revenue down 5.2%
Aggressive overseas growth, particularly in Japan and France, compounded the pressure. Former CEO Don Meij retired in late 2024 after decades at the helm, and his successor Mark van Dyck resigned after only a year, leaving Cowin as interim executive chairman.
What’s Next for Domino’s?
Van Dyck had proposed a five-year plan involving the closure of 200+ unprofitable stores (mainly in Japan) and major cost-cutting initiatives. Cowin agreed with the strategy but criticized its slow execution.
A key focus will be on reducing IT department expenses, which have ballooned without delivering competitive advantages. Investors are watching closely for signs of stability, especially as Domino’s embarks on the search for a new CEO.
Market experts say the leadership decision is critical. “Rapid leadership turnover clouds direction,” said Josh Gilbert, analyst at eToro. “Stability is needed before investors can buy into a long-term growth story.”
Cowin’s Fast-Food Legacy
Cowin’s entrepreneurial journey began when he raised C$300,000 from Canadian investors to open Australia’s first KFC outlet in Perth in 1969. At the time, Australia’s dining scene consisted largely of Chinese restaurants, fish-and-chip shops, and formal establishments. His move revolutionized the nation’s fast-food landscape.
Over the decades, he built Hungry Jack’s into a household name, sold his KFC business in 2013, and became a central figure in Australia’s food and beverage industry.
Despite the upheaval at Domino’s, Cowin insists the fundamentals of food service remain unchanged. “Tastes shift, trends come and go,” he reflected in the annual report. “But customers still just want fresh, hot, and affordable food.”
The Bottom Line
With his decades of experience and substantial financial stake, Jack Cowin may be Domino’s Pizza Enterprises’ best hope for survival. The challenge will be restoring investor confidence, cutting costs without losing quality, and adapting to a competitive delivery-driven market.
If Cowin succeeds, it won’t just be a corporate turnaround—it will be the latest chapter in the remarkable story of a man who helped shape Australia’s fast-food culture.
