TOP NEWS: Just Eat Takeaway chair steps aside; COO in misconduct claim

(Alliance News) - Just Eat Takeaway.com NV on Wednesday said its chair will not stand for ...

Alliance News 4 May, 2022 | 10:37AM
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(Alliance News) - Just Eat Takeaway.com NV on Wednesday said its chair will not stand for re-election after facing investor pressure, while its operating chief will leave his post due to "possible personal misconduct".

JET shares were 6.5% lower at 2,089.50 pence each in London on Wednesday morning.

The food delivery firm said Chair Adriaan Nuhn will not stand for re-election at Wednesday's annual general meeting. Vice Chair Corinne Vigreux will assume the chair role while the company pursues a successor to Nuhn.

Nuhn said: "It is clear that shareholders have concerns about the challenges the company is facing. The supervisory board shares and understands these concerns, and the company has been in the process of addressing them. To ensure that the supervisory board can fully focus on the challenges and opportunities ahead, I believe it is important that there is strong support, particularly also among shareholders, for both the company and the supervisory board. Not seeking re-election is, I believe, the best decision I can take with regard to serving the interests of the company and its stakeholders, including its shareholders."

In April, a major shareholder in JET called upon fellow investors to reject the reappointment of some members of the firm's supervisory board. Cat Rock Capital Management LP said the members have overseen a "catastrophic destruction of equity value" caused by the company's Grubhub Inc acquisition and a "misleading financial" outlook.

Cat Rock called on shareholders to reject the re-election of Nuhn as chair. Cat Rock was also against the re-election of Vice Chair Vigreux.

Cat Rock was in favour of Chief Operating Officer Gerbig's re-election. However, JET on Wednesday said Gerbig will not stand for re-election after the company's supervisory board was recently informed of a "formal complaint" related to the COO's "possible personal misconduct at a company event".

JET added: "The company has initiated an investigation into the allegations in line with the company's Speak Up Policy and will engage an external expert to conduct the investigation. As the investigation is in its initial stage, no conclusions have been drawn.

"Mr Gerbig is fully cooperating with the investigation and has informed the supervisory board that he has full confidence in the outcome. In order to avoid unnecessary uncertainties, the company deems it important to confirm that the complaints were not related to financial or reporting obligations. Given the confidential nature of Speak Up Policy procedures and the requirement for a thorough process, recognising the privacy and interests of all involved, no additional information can be provided at this time."

Gerbig may stand for re-election at a later date if the claims are "determined to be unfounded", JET added.

In April, Just Eat Takeaway said it was exploring options for Grubhub. This could involve introducing a "strategic partner" in order to sell a stake, or even all of its holding in Grubhub, which JET had bought for USD7.3 billion. Back in October, Cat Rock had called upon the company's board to sell off Grubhub completely.

By Xindi Wei; xindiwei@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Just Eat Takeaway.com NV 1,351.40 GBX 13.77
Just Eat Takeaway.com NV 15.86 EUR 15.46

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