Just Eat CEO to step down due to family matters

David Buttress will serve as a non-executive director as board begins search for new CEO

David Buttress will stay until the end of the first quarter and has agreed to serve as a non-executive director for one year. Photograph: Cyril Byrne/THE IRISH TIMES

David Buttress will stay until the end of the first quarter and has agreed to serve as a non-executive director for one year. Photograph: Cyril Byrne/THE IRISH TIMES

 

Food delivery service Just Eat has said its chief executive officer is stepping down due to family matters.

David Buttress will stay until the end of the first quarter and has agreed to serve as a non-executive director for one year, according to a statement . Shares of Just Eat fell as much as 6.4 per cent as of 8.09am in London.

Chairman John Hughes will take up the role of executive chairman at the end of the quarter as the board starts an immediate search for a permanent CEO.

Mr Buttress joined Just Eat in 2006 to launch its UK business. Since he became CEO at the start of 2013, the company’s stock had more than doubled through Thursday compared with a 13.5 per cent rise for the FTSE 250.

After years of strong growth, food orders slowed at the back end of last year amid rising competition, causing shares to slide.

Buttress has been navigating a spate of deal-making. In December, Just Eat announced plans to buy the UK’s Hungryhouse.com from Delivery Hero Holding for £200 million.

Bloomberg