04 mei 2022
11:57
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A bomb at the already teased Just Eat Takeaway. Just hours before the general meeting, the meal delivery company announces that both the chairman and the operational director are disappearing from the scene.
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Never a dull moment at Just Eat Takeaway. The Dutch meal delivery giant announced on Wednesday morning that two key figures at the company will not ask shareholders for a reappointment at the shareholders’ meeting that will take place later in the day.
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It concerns operational director Jörg Gerbig, who has to relinquish his seat on the management committee because he is under investigation into ‘possible personal misconduct at a company event’. Gerbig will certainly disappear into the background until that investigation is completed.
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Chairman Adriaan Nühn is also not going for a reappointment, it sounds in a statement. The position of Nühn – a monument in the Dutch business world – had been under pressure for some time.
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The fact that Nühn is withdrawing may have to do with the uncertain outlook about the upcoming vote. Voting consultancy ISS and Glass Lewis both gave negative advice on the reappointment of the Dutchman, for various reasons. The shortage of women on the board of directors chaired by him also played a role, as did the lack of a supervisory committee on the ‘environmental and social risks of the company’.
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The reappointment of the duo will be removed from the agenda of the general meeting, the company said.
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Grubhub
The rumbling at the top comes after a really lousy period for the meal delivery empire of daring Jitse Groen. Just Eat Takeaway saw its stock price implode in the wake of the pandemic.
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Dat Just Eat Takeaway
paid $6.4 billion in mid-2020 for the American sector competitor Grubhub counts as a strategic mistake† The billion-dollar gamble on the rock-solid American market would distract attention too much from the European struggle that the company has to fight to fight off competition and become profitable. About 2021 Just Eat Takeaway popped up for 1 billion euros in the red.
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Under pressure from the American hedge fund Cat Rock, CEO Jitse Groen decided last month Grubhub to put it back on the shelf† It is not surprising that the market value of Just Eat Takeaway is now lower than the price that Groen paid for Grubhub in 2020.
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This capricious course will undoubtedly be discussed at the shareholders’ meeting this afternoon in Amsterdam. But two top players will no longer have to run a gauntlet.
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