FRANKFURT, March 24 - Aspex, one of Delivery Hero’s largest shareholders, has urged the company’s supervisory board to replace the chief executive and other top managers, escalating a campaign by the investor for a new strategic direction.
In a letter sent to Delivery Hero Chair Kristin Skogen Lund and other non-executive supervisory board members, Aspex wrote that "wholesale changes in the management team will be required to address issues faced by the company." The correspondence singled out CEO Niklas Oestberg’s strategy as flawed and said that Delivery Hero’s operational underperformance versus peers is accelerating.
The letter also raised concerns that the company faces heavy burdens from compliance and control failures. Aspex framed its call as reflecting the views of other shareholders who share the investor’s assessment of the company’s strategic and operational trajectory.
Delivery Hero responded by acknowledging receipt of the latest communication from Aspex. In a statement, the company said it is progressing with a strategic review and that the review "remains an ongoing core focus of both the Management and Supervisory Board."
The exchange highlights a clash between a sizeable investor and the company’s leadership over the appropriate path forward. Aspex’s demand centers on management change as the mechanism to address what it describes as strategy shortcomings, operational lag and control issues.
Separately, questions of valuation for the company were raised in promotional material included with the reporting of the dispute. That material asked, "Is DHER a bargain right now?" and described a Fair Value calculator said to use a mix of 17 industry valuation models to provide an assessment of DHER alongside other stocks.
Context and next steps
The letter to the supervisory board formalizes investor pressure and may prompt further engagement between the shareholder, the board and management as the strategic review continues. The company has indicated the review is an ongoing priority for both management and the supervisory board.
What is clear from the documents disclosed so far:
- Aspex wants the CEO, Niklas Oestberg, and the top management team removed.
- The investor has communicated directly with Chair Kristin Skogen Lund and non-executive supervisory board members.
- Delivery Hero says it is continuing a strategic review and treating that process as a core focus.