(Alliance News) - Delivery Hero SE on Monday announced plans to expand its supervisory board, and to enter a cooperation agreement with activist investor Sachem Head Capital Management.
The Berlin-based food delivery platform said its "significant growth in size and complexity calls for an expansion of the Supervisory Board from six to eight members".
The proposed changes will be put to shareholders at Delivery Hero's 2024 annual general meeting on June 19.
Delivery Hero also announced its slate of shareholder-representative nominees with Kristin Skogen Lund, the outgoing Chief Executive Officer of Norwegian media and online retail group Schibsted ASA as prospective chair.
Current Chair Martin Enderle will stand down at the AGM, but will seek re-election as a supervisory board member to "ensure continuity of leadership while assisting in a seamless transition of Chair duties to Ms. Skogen Lund".
Delivery Hero also nominated Roger Rabalais, an operating partner at Prosus NV, and Scott Ferguson, managing partner at activist investor Sachem Head. Ferguson, who is also Sachem Head's portfolio manager and founder, is also tipped to join Delivery Hero's strategy committee.
Ferguson is being nominated for a one-year term and Enderle for a two-year term, while Skogen Lund and Rabalais would be appointed for four years each, giving the expanded supervisory board "a staggered board structure".
Strategy committee Chair Jeanette Gorgas will not stand for re-election. Also set to depart after the AGM is Patrick Kolek, who recently left his roles as chief operating officer at Prosus and Naspers Ltd, Delivery Hero's largest investor with an approximate 29% shareholding.
Additionally Delivery Hero said that it and Sachem Head, which holds a minority stake, have entered a cooperation agreement "which includes customary standstill and confidentiality provisions".
"We see great promise in the food delivery market and Delivery Hero's strong competitive positions in highly attractive markets," Sachem Head's Ferguson commented. "I look forward to working with the other members of the supervisory board and the management board to help the company realise its full potential."
Shares in Delivery Hero were up 2.2% at EUR26.42 in Frankfurt on Monday afternoon.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News
Delivery Hero plans supervisory board shake-up, Sachem Head in favour
(Alliance News) - Delivery Hero SE on Monday announced plans to expand its supervisory board, and to enter a cooperation agreement with activist investor Sachem Head Capital Management.
The Berlin-based food delivery platform said its "significant growth in size and complexity calls for an expansion of the Supervisory Board from six to eight members".
The proposed changes will be put to shareholders at Delivery Hero's 2024 annual general meeting on June 19.
Delivery Hero also announced its slate of shareholder-representative nominees with Kristin Skogen Lund, the outgoing Chief Executive Officer of Norwegian media and online retail group Schibsted ASA as prospective chair.
Current Chair Martin Enderle will stand down at the AGM, but will seek re-election as a supervisory board member to "ensure continuity of leadership while assisting in a seamless transition of Chair duties to Ms. Skogen Lund".
Delivery Hero also nominated Roger Rabalais, an operating partner at Prosus NV, and Scott Ferguson, managing partner at activist investor Sachem Head. Ferguson, who is also Sachem Head's portfolio manager and founder, is also tipped to join Delivery Hero's strategy committee.
Ferguson is being nominated for a one-year term and Enderle for a two-year term, while Skogen Lund and Rabalais would be appointed for four years each, giving the expanded supervisory board "a staggered board structure".
Strategy committee Chair Jeanette Gorgas will not stand for re-election. Also set to depart after the AGM is Patrick Kolek, who recently left his roles as chief operating officer at Prosus and Naspers Ltd, Delivery Hero's largest investor with an approximate 29% shareholding.
Additionally Delivery Hero said that it and Sachem Head, which holds a minority stake, have entered a cooperation agreement "which includes customary standstill and confidentiality provisions".
"We see great promise in the food delivery market and Delivery Hero's strong competitive positions in highly attractive markets," Sachem Head's Ferguson commented. "I look forward to working with the other members of the supervisory board and the management board to help the company realise its full potential."
Shares in Delivery Hero were up 2.2% at EUR26.42 in Frankfurt on Monday afternoon.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News