Just Eat Takeaway is dealing with boardroom turmoil after a senior executive stepped down amid an investigation by the courier group into a proper grievance relating to misconduct at a company occasion.
The board of Just Eat stated it might not be placing Jörg Gerbig, its chief working officer, ahead for re-election on the company’s annual shareholder meeting on Wednesday, because it was set to have interaction an “external expert” to conduct an investigation into “possible personal misconduct”.
The group’s chairman, Adriaan Nühn, additionally introduced plans to face down shortly earlier than the group’s annual shareholder meeting, because the supply agency faces anger from shareholders over a botched takeover deal and heavy losses.
The company stated an investigation into the grievance towards Gerbig, which it stated was “not related to financial or reporting obligations”, was already in an preliminary stage and no conclusions had been drawn.
Just Eat stated the confidential nature of its coverage for whistleblowers and “the requirement for a thorough process, recognising the privacy and interests of all involved” meant “no additional information can be provided at this time”.
Gerbig is totally cooperating with the investigation and has knowledgeable Just Eat’s board that he has “full confidence in the outcome”.
He will stop to be a member of the group’s administration board from the shut of the group’s annual meeting on Wednesday, and Just Eat stated it might present an extra replace on the investigation “if and when appropriate”.
Nühn additionally unexpectedly introduced plans to face down as he admitted “it is clear that shareholders have concerns about the challenges the company is facing”.
Just Eat is dealing with a shareholder revolt at its annual meeting after revealing declining orders and plans to dump all or a part of its US-based Grubhub arm, which it purchased for $7.3bn in a deal agreed lower than two years in the past and accomplished final year. The company lately revealed a pre-tax lack of greater than €1.1bn (£916m) for 2021 though it stated it was “rapidly progressing towards profitability”.
Just Eat’s second largest shareholder, the US fund Cat Rock, has known as for a shake-up of the company’s board saying there had been a “complete loss of trust” by traders as the worth of their shares has dived by about 75% in two years.
In an open letter to different shareholders, Cat Rock known as for them to dam the re-election of Just Eat’s chief finance officer and exchange its supervisory board to “restore credibility with the capital markets” and “quickly refocus the business on Europe”.