Delivery Hero CEO to step down amid strategic review, shareholder pressure
Leadership Transition and Strategic Review at Delivery Hero
CEO Niklas Oestberg's Departure Timeline
May 12 (Reuters) - Delivery Hero said on Tuesday its CEO Niklas Oestberg will step down, following campaigns by several large shareholders for a strategic review at the German food delivery group.
In a statement, the company said Oestberg agreed to step down upon the completion of a succession process by March 31, 2027 at the latest.
Shareholder Pressure and Strategic Options
Last year, Delivery Hero said it was reviewing capital allocation measures and evaluating strategic options, as it came under pressure from several shareholders.
Support from Activist Investors
Activist investor Aspex Management said on Tuesday it supported "the CEO transition announced by Delivery Hero, as well as the company's ongoing strategic review aimed at enhancing shareholder value," after holding talks with the company in recent weeks.
Aspex Management's Influence
Aspex, which has raised its stake in Delivery Hero to about 15%, had recently urged the company to withdraw from entire regions and to replace Oestberg.
Succession Process and Ongoing Leadership
The supervisory board will begin the search for a successor shortly, aiming at concluding the process by the end of 2026, the company said in its statement.
Oestberg will continue in his role and lead the ongoing review process and related M&A processes until a successor is appointed, it added.
(Reporting by Amir Orusov and Linda Pasquini, additional reporting by Alexander Huebner)
