Monday 20 November 2017

Just Eat boss could pocket around £400,000 in share awards

The value of the award will depend on Peter Plumb hitting performance targets and the stock price of the firm when the shares vest in 2020.

JustEat profits
JustEat profits

By Ben Woods, Press Association Chief City Correspondent

The boss of takeaway firm Just Eat could be in line for a cool £400,000 pay-out in three years’ time as part of his company pay package.

Chief executive Peter Plumb has been awarded 58,364 shares worth £402,127 based on Tuesday’s share price of 689p.

The value of the award will depend on Mr Plumb hitting performance targets and the stock price of the firm when the shares vest in 2020.

Just Eat, which has more than 16.6 million customers, named the former Moneysupermarket.com boss as its CEO in July.

He started the position on Monday, taking over from interim boss Paul Harrison, who will continue in his permanent role as chief financial officer.

Just Eat’s former chief executive David Buttress stepped down at the end of March due to “urgent family matters”.

Mr Plumb was boss at price comparison group Moneysupermarket for eight years until his departure in May, a tenure which saw the group’s share price rise six-fold.

He is likely to have a full in-tray at Just Eat, with the firm facing a full-blown investigation into its takeover of rival Hungryhouse amid concerns that the deal could curb competition.

The Competition Market Authority is expected to publish its provisional findings on the tie-up in late September or early October.

Just Eat hailed an “excellent” start to the year in July, as surging profits and sales led the company to raise its full-year revenue guidance.

Pre-tax profits rose 46% to £49.5 million in the six months to June 30, while revenues shot up 44% to £247 million.

Press Association

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