Delivery Hero Agrees Board Seat for Activist Sachem Head (1)

Delivery Hero SE has struck a deal with Sachem Head Capital Management to nominate the activist investor’s managing partner Scott Ferguson to its supervisory board, after the firm built a 3.6% stake in the food delivery company.

Delivery Hero has proposed expanding the board to eight members from six and has nominated four candidates, including Ferguson, at the company’s annual general meeting on June 19, the German company said in a statement on Monday.

The deal follows intense criticism of Delivery Hero from Sachem Head, which sees the company’s operational performance and share price as disappointing compared with peers, Bloomberg ...