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Founder of US delivery player Grubhub Matt Maloney will step away from Just Eat months after the completion of the US$7.3bn (£5.75bn) deal to acquire the company.

Just Eat said Maloney “has decided to step down” from his role on the company’s management board effective of 1 December “to pursue other opportunities”.

As the founder of Grubhub, Matt Maloney joined the Company’s management board following the completion of the acquisition of Grubhub on 15 June 2021.

Just Eat said Maloney “has been instrumental in growing Grubhub to its current size” having founded it in 2004.

Jitse Groen, CEO of Just Eat commented: “Great entrepreneurs like Matt start businesses that touch the lives of millions of people. He has built a magnificent company and helped create hundreds of thousands of jobs across the US.

“We are sorry to see him leave the Company and wish him the best in his future endeavours.”

Following Matt Maloney’s resignation from the management board, the management board will comprise three managing directors: CEO Jitse Groen, CFO Brent Wissink and COO Jörg Gerbig.

The all share £5.8m Grubhub transaction, which was agreed in June 2020, represented Just Eat’s entry into online food delivery in the United States.

Just Eat shares have opened 0.7% down at 5,600p.

Morning update

Virgin Wines has announced it is continuing to trade in line with market expectations.

Announcing it will release its results for the year to 30 June on 28 October, the online win group said trading since year-end continues to meet current forecasts.

On the markets this morning, the FTSE 100 is up 0.2% to 7,088.8pts.

Early risers include Greggs, up 2.1% to 2,994p, Bakkavor, up 1.9% to 132p and McBride, up 1.6% to 71.8p.

Fallers so far inclue Glanbia, down 2.1% to €13.27, Coca-Cola Europacific Partners, down 1.8% to €47.95 and FeverTree, down 1.3% to 2,357p.

Yesterday in the City

The FTSE 100 recovered 1.2% to close at 7,078pts after dipping below 7,000pts on Wednesday.

THG recovered some ground from recent falls, rising 7.4% back to 467p, while Parsley Box also continued to climb after a share price slump, rising 7.6% to 42.5p.

Other risers included McColl’s, up 5.8% to 21.8p, Naked Wines, up 3.5% to 676p, Hotel Chocolat, up 3.3% to 461p, Coca-Cola Europacific Partners, up 3% to €48.33, FeverTree, up 2.3% to 2,387p and Britvic, up 2.1% to 904p.

The day’s fallers included Marks & Spencer, down 4.3% to 171.8p, AG Barr, down 2.9% to 506p, Greggs, down 2.2% to 2,932p, SSP Group, down 1.7% to 257.1p and PZ Cussons, down 1.6% to 218p.