LONDON (Alliance News) - Disgruntled Just Eat PLC shareholder Cat Rock Capital Management LP on Monday embraced the departure of Chief Executive Peter Plumb.
In December Cat Rock described Just Eat as the "worst-performing public equity in online food delivery globally" and demanded changes.
Cat Rock, which owns a 2% stake in Just Eat, welcomes the company's recognition it needs to change its slow pace of planning and lack of management accountability, it said Tuesday.
The online takeaway platform on Monday said Plumb will step down with immediate effect and Chief Customer Officer Peter Duffy will be promoted to interim CEO while a permanent replacement is sought.
Plumb had come under fire in December from Cat Rock, which called for the sale of Just Eat's non-core assets and adoption of a three-year financial plan.
"As a long-term supporter and shareholder of Just Eat, we believe it is a high-quality business with tremendous growth potential," said Cat Rock Founder & Managing Partner Alex Captain.
"We welcome the board's recognition of this in the step they have taken today. It is critical the board now find a high-quality successor and implement a remuneration plan that creates clear alignment with shareholders' interests," he added.
He also said he has received overwhelmingly positive feedback on proposals to set three-year financial targets and an associated remuneration plan at Just Eat.
"We look forward to working closely with the board and other shareholders to ensure that Just Eat uses this opportunity to appoint a world-class CEO, implement appropriate financial targets, and set an associated remuneration plan, which will allow the Company to realize its great potential," Captain said.
Shares in Just Eat were trading 2.2% higher at 677.60 pence each on Tuesday morning.
