The chief finance officer of Domino's UK died while snorkeling on Boxing Day.
David Bauernfeind was with his wife and daughter in Mauritius at the time of the accident.
The couple had arrived in Mauritius on December 19, and were staying in a hotel in the upmarket Belle-Mare section of the island.
"The skipper of a yacht discovered the body floating in a lagoon off Belle-Mare on Thursday morning," said an investigating source.
"The man was confirmed dead by paramedics and his body was then transported to the Victoria Hospital in Candos.
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"An autopsy took place, and the cause of death was found to be asphyxiation caused by drowning. His wife has identified the body, and other next of kin in Britain are being informed.’
"We are all deeply shocked and saddened by this tragic news," said David Wild, the company's chief executive.
"On behalf of our Board, our colleagues and our franchisees, we send our heartfelt sympathies to David's wife Nicolette and daughter Ornella as well as his wider family and friends."
The 51-year-old joined the company in October 2018 as chief financial officer.
Mr Wild 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."
Mr Bauernfeind was formerly the finance boss of Connect Group and helped build technology company Xchanging during 15 years at the business.
The finance chief arrived at Domino's as the fourth person to hold the position in four years.
Mauritius boasts some of the most beautiful white sand beaches in the world, but strong undercurrents often take swimmers by surprise.
A dramatic spike in drownings in recent years led to the Mauritius government introducing sea surveillance platforms around beaches.
