Activist targets Just Eat finance chief over ‘betrayal of trust’

The heat beneath Just Eat Takeaway elevated today soon after a big shareholder known as for an AGM revolt more than the re-election of finance manager Brent Wissink.

Cat Rock, which owns 6.9% of the meals delivery organization, also needs fellow shareholders to vote from the supervisory board at future week’s yearly conference.

The force from the activist trader follows a 75% slide for Just Try to eat shares in the two many years since its acquisition of US-dependent Grubhub. As well as reporting a 1% drop in orders in the first quarter, the corporation explained final week it was considering the partial or whole sale of Grubhub.

Cat Rock founder and taking care of lover Alex Captain reported management had produced a slip-up purchasing Grubhub but that this by itself could not fully explain the decline of worth.

“This €6 billion deal are unable to reveal the -€16 billion of fairness worth that has been wrecked in fewer than two decades,” Captain stated.

“Instead, we believe the bulk of the price destruction occurred simply because JET management gave traders a deceptive economical outlook in advance of the two Grubhub shareholder votes, foremost to two huge income downgrades in 2021 and shattering investor believe in in administration.”

In a letter to shareholders, he said there had been a “failure in leadership” at the business that resulted in a “betrayal of have faith in.”

He stated: “Just Take in Takeaway is a higher-top quality business with wonderful progress potential customers and beneficial belongings. The organization needs a new supervisory board and CFO to unlock its good possible.”

Wissink joined the organization in 2011 and grew to become its main financial officer in 2014.