Shares in Just Eat Takeaway.com fell 7 per cent on Wednesday after the company revealed it was investigating a complaint against one of its top executives and that its chair was stepping down.
The Amsterdam-based company, one of the world’s largest operators of food delivery apps, has seen half of its market value wiped out this year, as it grapples with a slowdown in growth and criticism from investors over its dealmaking.
Hours before its annual meeting was due to start on Wednesday, chair Adriaan Nühn bowed to shareholder pressure and agreed to step down, announcing he would not seek re-election.
JET also said it was investigating a “formal complaint” against chief operating officer Jörg Gerbig, relating to “possible personal misconduct at a company event”.
The company said Gerbig was “fully co-operating with the investigation and has informed the supervisory board that he has full confidence in the outcome”, adding that the complaints were “not related to financial or reporting obligations”.
Gerbig will leave the management board following the AGM but JET said he “may be put for re-election if the allegations are determined to be unfounded”.
JET’s shares slipped about 7 per cent to €24.58 in Amsterdam on Wednesday morning.
The abrupt changes come after investors including Cat Rock Capital, one of JET’s largest shareholders, have been pushing for changes at the group.
Several shareholders are unhappy about its $7.3bn acquisition of US food delivery company Grubhub, which closed less than a year ago. JET said last month it was considering a potential sale of Grubhub.
Cat Rock last month called on investors to vote against the re-election of Nühn, as well as JET’s finance chief Brent Wissink.
Institutional Shareholder Services, the investor advisory group, also recommended its clients vote against the re-election of Nühn, citing concern over lack of gender diversity on the board.
Nühn has served as chair of what was originally Takeaway.com since the company went public in 2016.
“It is clear that shareholders have concerns about the challenges the company is facing,” said Nühn. “Not seeking re-election is, I believe, the best decision I can take with regard to serving the interests of the company and its stakeholders, including its shareholders.”
JET chief executive Jitse Groen thanked Nühn for his “enormous contribution”. Corinne Vigreux, currently vice-chair, will take over as chair of the supervisory board while a permanent successor is sought.
