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Shares in Simply Eat Takeaway.com fell 7 per cent on Wednesday after the corporate revealed it was investigating a grievance towards one in all its high executives and that its chair was stepping down.
The Amsterdam-based firm, one of many world’s largest operators of meals supply apps, has seen half of its market worth worn out this yr, because it grapples with a slowdown in progress and criticism from traders over its dealmaking.
Hours earlier than its annual assembly was resulting from begin on Wednesday, chair Adriaan Nühn bowed to shareholder stress and agreed to step down, saying he wouldn’t search re-election.
JET additionally stated it was investigating a “formal grievance” towards chief working officer Jörg Gerbig, regarding “doable private misconduct at an organization occasion”.
The corporate stated Gerbig was “totally co-operating with the investigation and has knowledgeable the supervisory board that he has full confidence within the final result”, including that the complaints had been “not associated to monetary or reporting obligations”.
Gerbig will go away the administration board following the AGM however JET stated he “could also be put for re-election if the allegations are decided to be unfounded”.
JET’s shares slipped about 7 per cent to €24.58 in Amsterdam on Wednesday morning.
The abrupt modifications come after traders together with Cat Rock Capital, one in all JET’s largest shareholders, have been pushing for modifications on the group.
A number of shareholders are sad about its $7.3bn acquisition of US meals supply firm Grubhub, which closed lower than a yr in the past. JET stated final month it was contemplating a possible sale of Grubhub.
Cat Rock final month referred to as on traders to vote towards the re-election of Nühn, in addition to JET’s finance chief Brent Wissink.
Institutional Shareholder Providers, the investor advisory group, additionally really useful its purchasers vote towards the re-election of Nühn, citing concern over lack of gender variety on the board.
Nühn has served as chair of what was initially Takeaway.com for the reason that firm went public in 2016.
“It’s clear that shareholders have considerations in regards to the challenges the corporate is going through,” stated Nühn. “Not searching for re-election is, I consider, the perfect choice I can take with regard to serving the pursuits of the corporate and its stakeholders, together with its shareholders.”
JET chief government Jitse Groen thanked Nühn for his “huge contribution”. Corinne Vigreux, presently vice-chair, will take over as chair of the supervisory board whereas a everlasting successor is sought.
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