Finance
Delivery hero investor aspex to CEO: Step up turnaround or your job is on the line
Published by Global Banking & Finance Review®
Posted on March 13, 2026
2 min readLast updated: March 13, 2026
Quick Summary
Aspex Management, holding a roughly 9.2% stake in Delivery Hero worth around €474 million, has warned CEO Niklas Östberg that unless swift progress emerges from the company’s strategic review, it may pursue legal action up to seeking leadership change.
Delivery Hero investor Aspex calls on CEO to step up turnaround or face ouster
Aspex Management Pressures Delivery Hero for Strategic Changes
By Christoph Steitz and Alexander Hübner
Investor Letter Highlights Concerns
FRANKFURT/MUNICH, March 13 (Reuters) - A top Delivery Hero shareholder has threatened to push for a change of leadership unless the German online takeaway food group makes fast progress in an ongoing strategic review.
Aspex Management said in a letter addressed to Delivery Hero CEO Niklas Oestberg, which was seen by Reuters, there had been little progress and warned of further value destruction if not enough is done by the company.
Responses from Aspex and Delivery Hero
Aspex declined to comment on the letter, which was dated March 12, while Delivery Hero had no immediate comment.
Strategic Review and Management Pressure
Hong Kong-based Aspex's comments add to pressure on Delivery Hero's management, which announced in December it would reassess its capital allocation and certain country operations.
Concerns Over Global Operations
Aspex said it doubted Delivery Hero was the best owner for selected businesses in Asia, the Middle East and Latin America and that unless there was progress soon, it would "assess all legal courses of action available".
Potential Leadership Changes
These included "initiating steps that aim at ultimately changing the leadership of the company", it added.
Expectations for Asset Sales
"Our expectation is that you will identify all those assets where Delivery Hero is not the best owner and operator and the sale of such assets generates higher value for the Company and for its shareholders ... than Delivery Hero continuing to operate such businesses," Aspex said in the letter.
The sale of individual country divisions or minority holdings would not "constitute a believable and acceptable" outcome of the review, Aspex added.
Aspex's Stake in Delivery Hero
Aspex, Delivery Hero's third-largest investor with a 9.2% stake worth 474 million euros ($542 million), has been on the German company's shareholder register since 2020.
($1 = 0.8743 euros)
(Reporting by Christoph Steitz and Alexander Huebner; Editing by Ludwig Burger, Thomas Seythal and Alexander Smith)
Key Takeaways
- •Aspex Management, the third-largest investor with a 9.2% stake, is pressing Delivery Hero’s board for faster execution of its December-launched strategic review covering capital allocation and selective market evaluation. (investing.com)
- •Despite past operational improvements—including profitable Q1 2025 results, strong revenue growth, cost discipline and exits from unprofitable markets—Aspex sees insufficient progress and warns of further shareholder value erosion. (valuespectrum.com)
- •Aspex’s ultimatum includes legal threats if the company doesn’t act–from exploring “best-owner” scenarios for assets in Asia, the Middle East, and Latin America to initiating moves to replace current leadership. (simplywall.st)
References
- Who Owns Delivery Hero? DHER Shareholders - Investing.com
- Delivery Hero confirms full-year 2025 guidance after strong Q1 results | Valuespectrum.com
- Delivery Hero (XTRA:DHER) Is Up 21.8% After Launching Strategic Review Of Portfolio And Capital Allocation – Has The Bull Case Changed? - Simply Wall St News
Frequently Asked Questions about Delivery Hero investor Aspex to CEO: step up turnaround or your job is on the line
1Who is threatening Delivery Hero's leadership?
Aspex Management, a major shareholder with a 9.2% stake, is pressuring Delivery Hero's CEO for faster turnaround.
2What actions might Aspex take if progress is not made?
Aspex may assess legal actions, including steps to change Delivery Hero's leadership.
3Why is Aspex dissatisfied with Delivery Hero?
Aspex is concerned about the slow progress in strategic review and potential value destruction.
4What regions’ businesses are being questioned by Aspex?
Aspex doubts Delivery Hero is the best owner for some businesses in Asia, the Middle East, and Latin America.
5How significant is Aspex's shareholding in Delivery Hero?
Aspex holds a 9.2% stake worth approximately 474 million euros, making it the third-largest investor.
