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Just Eat senior executive steps down amid misconduct investigation | Food & drink industry

Just Eat Takeaway is going through boardroom turmoil after a senior government stepped down amid an investigation by the courier group into a proper grievance concerning misconduct at an organization occasion.

The board of Just Eat stated it might not be placing Jörg Gerbig, its chief working officer, ahead for re-election on the firm’s annual shareholder assembly on Wednesday, because it was as a consequence of interact an “external expert” to conduct an investigation into “possible personal misconduct”.

The group’s chair, Adriaan Nühn, additionally introduced plans to face down shortly earlier than the group’s annual shareholder assembly, because the supply agency confronted anger from shareholders over a botched takeover deal and heavy losses.

The corporate stated an investigation into the grievance in opposition to Gerbig, which it stated was “not related to financial or reporting obligations”, was at an preliminary stage and no conclusions had been drawn.

Just Eat stated the confidential nature of its coverage for whistleblowers and “the requirement for a thorough process, recognising the privacy and interests of all involved” meant “no additional information can be provided at this time”.

The agency didn’t disclose which firm occasion the grievance associated to. Just Eat was lately criticised for holding a lavish ski journey for greater than 5,000 employees, dubbed Snow Fest, in Arosa, Switzerland final month at a reported value of €15m (£12.6m).

Gerbig is totally cooperating with the investigation and has knowledgeable Just Eat’s board that he has “full confidence in the outcome”.

He’ll stop to be a member of the group’s administration board from the shut of the group’s annual assembly on Wednesday, and Just Eat stated it might present an extra replace on the investigation “if and when appropriate”.

Nühn additionally unexpectedly introduced plans to face down as he stated it was “clear that shareholders have concerns about the challenges the company is facing”.

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Just Eat confronted a shareholder revolt at its annual assembly after revealing declining orders and plans to unload all or a part of its US-based Grubhub arm, which it purchased for $7.3bn in a deal agreed lower than two years in the past and accomplished final 12 months. The corporate lately revealed a pre-tax lack of greater than €1.1bn (£916m) for 2021 though it stated it was “rapidly progressing towards profitability”.

Just Eat’s second-largest shareholder, the US fund Cat Rock, has referred to as for a shake-up of the corporate’s board, saying there had been a “complete loss of trust” by buyers as the worth of their shares has dived by about 75% in two years.

In an open letter to different shareholders, Cat Rock referred to as for them to dam the re-election of Just Eat’s chief finance officer and substitute its supervisory board to “restore credibility with the capital markets” and “quickly refocus the business on Europe”.

It instructed the assembly on Wednesday {that a} sale of Grubhub “has to happen, and it has to happen quickly”.

One other shareholder, Pieter Taselaar, founding accomplice at Lucerne Capital Administration, stated shareholders had misplaced religion in administration and referred to as for a “full strategic review of all assets”, Reuters reported.

After the assembly, Just Eat stated resolutions had been handed to re-elect all the administrators who had confronted a vote, together with the chief government, Jitse Groen, and chief monetary officer, Brent Wissink.

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