Activist targets Just Eat finance chief over ‘betrayal of trust’
The warmth beneath Just Take in Takeaway elevated these days following a major shareholder referred to as for an AGM revolt around the re-election of finance boss Brent Wissink.
Cat Rock, which owns 6.9% of the foodstuff delivery corporation, also desires fellow shareholders to vote in opposition to the supervisory board at following week’s annual conference.
The stress from the activist investor follows a 75% slide for Just Eat shares in the two yrs because its acquisition of US-primarily based Grubhub. As nicely as reporting a 1% fall in orders in the initially quarter, the business reported final 7 days it was taking into consideration the partial or entire sale of Grubhub.
Cat Rock founder and taking care of husband or wife Alex Captain said management had produced a oversight acquiring Grubhub but that this alone could not absolutely explain the loss of benefit.
“This €6 billion offer are unable to demonstrate the -€16 billion of equity worth that has been wrecked in significantly less than two many years,” Captain explained.
“Instead, we feel the bulk of the benefit destruction occurred mainly because JET management gave traders a deceptive fiscal outlook in advance of the two Grubhub shareholder votes, leading to two huge revenue downgrades in 2021 and shattering investor trust in management.”
In a letter to shareholders, he mentioned there experienced been a “failure in leadership” at the corporation that resulted in a “betrayal of have faith in.”
He claimed: “Just Consume Takeaway is a substantial-quality enterprise with fantastic expansion prospective clients and valuable belongings. The corporation requires a new supervisory board and CFO to unlock its excellent likely.”
Wissink joined the organization in 2011 and grew to become its chief economical officer in 2014.
