Bauernfeind, aged 51, who joined Domino’s in 2018 as CFO, died while snorkeling with his wife and daughter in Mauritius, according to the Daily Mirror.
In a brief statement, David Wild, Domino's chief executive officer, said: "We are all deeply shocked and saddened by this tragic news.”
He added: "David was hugely liked and deeply respected for his dedication and sharp intellect amongst Domino's colleagues. He was a force for good within the business and will be greatly missed."
The tragedy comes as Domino’s board Is set for radical change.
Back in August, former Tesco executive Wild announced that he plans to retire as chief executive of the pizza takeaway chain after more than five years in the role.
Meanwhile, Stephen Hemsley, the group’s previous chief executive, is stepping down after nine years as non-executive chairman on December 29.
Ian Bull, Domino’s senior independent director will step into the role of interim chairman until a permanent replacement is appointed.
The group said, with confirmation of Helmsley’s departure on December 10, that the search for a new chairman is progressing, and will be followed by the appointment of a new CEO.
News of those board changes came in the wake of a row between Domino’s and its franchisees, who run most of its 1,100 stores, over how profits are shared.
-- Updates with more detail --