Just Eat Takeaway.com’s second-largest shareholder, Cat Rock, called on for a major restructuring of the company by voting out its CFO and several members of its supervisory board at the company’s annual meeting on May 4.
Cat Rock has been an investor in Takeaway since shortly after its 2016 IPO.
Days earlier, Takeaway.com had reported a weaker-than-expected first quarter. The company also said it would seek to sell its U.S. arm Grubhub, which it purchased in June for $7.3 billion.
Cat Rock holds 6.88% of shares compared with founder Jitse Groen’s 7.13%.
Cat Rock had objected the Grubhub acquisition, calling it a strategic blunder.
Takeaway shares are down 48% percent in the year to date, closing at 25.12 on Friday. The company’s market capitalisation of 5.34 billion euros ($5.75 billion) is less than what it paid for Grubhub alone.
“The solution … is equally clear – the Company needs a new Supervisory Board that will take quick strategic action to focus the business and strengthen its capitalisation, and a CFO that will rebuild its credibility with the capital markets.”
