Image credit: Just Eat Takeaway
Just Eat Takeaway.com, the biggest meal delivery company in Europe, has announced its biggest reorganisation yet. The reorganisation comes after it revealed plans to sell Grubhub or find a partner during its first quarter trading update last month.
The reorganisation will see Adriaan Nühn, Chairman of Just Eat Takeaway.com’s supervisory board, not seek re-election and the board has also withdrawn the voting item to reappoint Jörg Gerbig as Management Board member and chief operating officer.
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Adriaan Nühn won’t seek re-election
The biggest news from Just Eat Takeaway.com NV’s annual general meeting (AGM) is the decision from Nühn to not seek re-election as Chairman of the supervisory board. The re-election of Nühn was one of the agenda items at the AGM today and with his decision, the board had to withdraw that agenda.
The term of Nühn as the chair of the supervisory board will end at the closing of today’s annual general meeting. The supervisory board of Just Eat Takeaway.com has initiated the process for finding a successor of Nühn, pending which, Corinne Vigreux, the vice-chair of the supervisory board, will assume the duties of the chair.
In addition to Just Eat Takeaway.com, Adriaan Nühn also serves as the chairman of the supervisory board of Wereldhave NV. With a MBA from the University of Puget Sound in Washington, United States, Nühn was CEO of Sara Lee International and chair of the executive board of Sara Lee/Douwe Egberts until 2008.
Prior to becoming CEO, he was president of Sara Lee’s Coffee and Tea Division and Household and Body Division, and has held various positions within Sara Lee/Douwe Egberts. As a distinguished professional, Nühn has held positions with Procter & Gamble/Richardson-Vicks in Austria, Sweden, South Africa, and Belgium.
The decision to not seek re-election by Nühn will be seen as a setback as the meal delivery giant aims to increase gross transaction value, prioritise profitability and seek more strategic partnerships. With investor pressure growing, Just Eat Takeaway.com needs someone with the experience of Nühn to steady the ship.
Jörg Gerbig’s reappointment withdrawn
After confirming Nühn’s decision to not seek re-election, Just Eat Takeaway.com confirmed that it has withdrawn reappointment of Jörg Gerbig as chief operating officer and management board member. The decision comes amidst a formal complaint against Gerbig for personal misconduct at a company event.
The company has confirmed initiating an investigation into the allegations in line with its Speak Up Policy. It is also engaging with an external expert to conduct the investigation and has not reached any conclusion yet.
In a statement, Just Eat Takeaway.com confirms that Gerbig is cooperating with the investigation and has informed the supervisory board his confidence in the outcome. The company is also reaffirming shareholders that the complaints were not related to financial or reporting obligations.
Along with CEO Jitse Groen and CFO Brent Wissink, Gerbig played a key role in the management team. The company has confirmed that Gerbig’s role as COO and management board member will end at the closing of today’s AGM and the situation will continue at least until the end of the investigation.
Just Eat Takeaway.com seems open to the idea of putting Gerbig for re-election if the allegations against him are determined to be unfounded. The events should further erode the investor confidence in the management team led by Groen, the richest self-made billionaire in the Netherlands.
Shareholder revolt at AGM
Even before the start of today’s AGM, Just Eat Takeaway.com was up against a major revolt from its own shareholders. While Just Eat Takeaway.com was once a darling among institutional investors and gained a lot during the pandemic, it has lost its sheen among investors who see diminishing value in the post-pandemic world.
There is growing dissent among its shareholders over eroding price and value, and some investors have called for replacement of key board members. Groen faced criticism from Cat Rock, the second biggest shareholder of Just Eat Takeaway.com, over purchase of Grubhub and insisted the company sell the US-based food delivery company.
Cat Rock published an open letter on April 25 urging the shareholders to vote against the reappointment of CFO Brent Wissink and the company’s supervisory board. Just Eat Takeaway.com has not confirmed whether Wissink’s re-election was discussed at today’s AGM, but with more than 45 per cent year to date decline in its share price, Just Eat Takeaway.com is in a perilous place.
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