Shares in Just Eat Takeaway.com fell 7% on Wednesday after the company revealed it was investigating a complaint against one of its top executives and that its chair was stepping down (The Financial Times £). Just Eat Takeaway is facing boardroom turmoil after a senior executive stepped down amid an investigation by the courier group into a formal complaint regarding misconduct at a company event (The Guardian).
The chairman of Just Eat Takeaway resigned before the food delivery group’s annual meeting yesterday after acknowledging shareholders’ concerns at the way the company has been run (The Times £).
A cabinet minister has been accused of being out of touch after suggesting that consumers facing the biggest rise in shop prices in more than a decade should buy “value brands” (Sky News). Shoppers can deal with soaring food prices and cope with the cost of living crisis by choosing value brands in the supermarket, the environment secretary has suggested (The Guardian). Environment Secretary George Eustice has been criticised as “patronising” for advising those struggling with the rising cost of living to buy cheaper food items (The BBC). Environment Secretary George Eustice made the remarks as he was grilled about the cost of living crisis gripping Britain (The Daily Mail).
Shoppers are cutting back on alcohol, meat, fish and poultry as household budgets come under pressure from the crisis in the cost of living. (The Times £)
Almost 30% of shareholders in Ocado voted against the company’s remuneration policy amid controversy over an incentive scheme that could pay out tens of millions of pounds to senior executives (The Financial Times £). Ocado shareholders have rebelled against high pay for directors at the online grocery specialist, with almost two-fifths voting against a plan to pay the chief executive, Tim Steiner, up to £100m over the next five years (The Guardian).
Some of Britain’s leading companies have been rocked by a furious backlash over fat cat pay. At their annual general meetings yesterday, drugs giant GlaxoSmithKline, food delivery group Ocado and bank Standard Chartered faced big shareholder revolts. (The Daily Mail)
Eurozone retail sales fell more than expected in March, compounding fears that surging inflation and worries about Russia’s invasion of Ukraine have cancelled out the boost to consumer spending delivered by the lifting of pandemic restrictions. (The Financial Times £)
Wetherspoons’ chairman Tim Martin expects the pub group to ‘break-even’ this year as sales are slowly improving, but also flagged rising staff, food and energy costs. (The Daily Mail)
A robot chef designed by researchers at Cambridge University has been trained to taste a dish’s saltiness and the myriad of ingredients at different stages of chewing – a process imitating that of humans. (The Guardian)
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