Just Eat Takeaway is proposing a substantial increase in base salary for its top executives, which will be put to shareholders for approval at the annual meeting on May 17th. The CEO’s base salary would increase by more than 37% from 487,706 euros to 670,000 euros, while the CFO, COO, and CCO would see an increase of almost 40%, from 462,038 to 645,000 euros.
The Association of Effectenbezitters has criticized the timing of the salary increase, calling it unfortunate given the recent price development and the acquisition of Grubhub, which they say has not been an unqualified success.
Just Eat argues that the salary increases are necessary to attract and retain top talent, given the company’s significant growth in recent years in terms of both size and complexity.
In addition to the proposed salary increases, Just Eat is also planning to adjust its bonus structure for top executives. For short-term rewards, the company will consider factors such as gross transaction value and adjusted EBITDA, while for long-term benefits, it will add ESG and cash flow as measures.
According to the VEB, these adjustments are understandable given Just Eat’s shift towards profitability over growth.