Delivery Hero proposes Sachem Head's founder as supervisory board member

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- German online takeaway food company Delivery Hero DHER.DE on Monday said it would propose to elect Sachem Head founder Scott Ferguson as an additional member of its supervisory board at a shareholders' meeting on June 19.

Delivery Hero has lately attracted interest from activist investor Sachem Head, after facing investor concern about its ability to generate cash and repay outstanding debt organically while still delivering profitability and growth.

Martin Enderle, Schibsted's SCHA.OL Kristin Skogen Lund and Prosus' PRX.AS Roger Rabalais were also proposed as members to the board, with Lund nominated to replace Enderle as chairperson.

The supervisory board would thus expand from six to eight members.

Sachem Head, which holds a stake of about 3.6% in the company, said it supports Delivery Hero's proposed expansion of the supervisory board and its nominees.

"We see great promise in the food delivery market and Delivery Hero's strong competitive positions in highly attractive markets," Ferguson, founder and portfolio manager of Sachem Head, said in a separate statement.

Ferguson's appointment would last one year, Delivery Hero said.


(Reporting by Linda Pasquini, Editing by Rachel More)

((linda.pasquini@thomsonreuters.com; +48 58 7785261;))

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