AMSTERDAM (Reuters – Cat Rock is the second largest shareholder in Just Eat Takeaway.com. On Monday, Cat Rock called for a significant shake-up. He voted out Just Eat Takeaway.com’s CFO and several supervisor board members at its annual meeting, which took place on May 4.

Cat Rock is an investor in Takeaway, having been a shareholder since its 2016 IPO. It made the announcement days after Takeaway published a lower-than-expected quarterly trading update. Grubhub in America was also announced that it will seek to sell Grubhub. Grubhub was purchased by Takeaway in June for $7.3billion.

Cat Rock, which holds 6.88% of shares compared with founder Jitse Groen’s 7.13%, had earlier said the Grubhub acquisition was a strategic blunder and called for its disposal last year, setting up its own website to document its position https://justeatmustdeliver.com.

Takeaway

Takeaway shares fell 48%% in the last year. They closed at 25.12 Friday. Market capitalisation at 5.34 billion Euros ($5.75 Billion) by the company is lower than that of Grubhub.

“The solution … is equally clear – the Company needs a new Supervisory Board that will take quick strategic action to focus the business and strengthen its capitalisation, and a CFO that will rebuild its credibility with the capital markets.”

Cat Rock’s appeal echoes the call of hedge fund Lucerne Capital Management with 600,000.000 shares. This group called earlier in this month for people to reject Wissink’s reappointment as CFO.

($1 = 0.9282 euros)