Just Eat shareholders reject pay bonanza for Grubhub boss
Just Eat Takeaway shareholders have approved the company's takeover of Grubhub but rejected a multimillion dollar pay package for Grubhub's boss Matthew Maloney.
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16:30 24/04/24
The FTSE 100 company agreed to buy Grubhub for $7.3bn in June to expand in the US. Maloney, Grubhub's founder, was put in charge of Just Eat's North American business and appointed to the management board once the deal was completed.
Just Eat said its shareholders approved the acquisition at a meeting held in Amsterdam along with Maloney's appointment. But shareholders voted against a proposed supplement to the company's remuneration policy for Maloney.
The deal would have paid Maloney a salary of up to $745,500 a year with the potential to earn ten times his salary each year in long-term incentives. He would also have been eligible for a short-term cash bonus, pension contributions and other benefits.
Proposing the package to shareholders Just Eat said it was needed to hold on to Maloney and pay him in line with other US chief executives. It said the supplementary package would last until 2024 when shareholders would vote for a new remuneration policy.
"The EGM rejected the proposed supplement to the remuneration policy of the management board in respect of Matthew Maloney," Just Eat said on Wednesday.
Shareholders voted two Grubhub directors, Lloyd Frink and David Fisher, on to Just Eat's supervisory board.