Ousted Just Eat boss could take home £1.2 million

The ousted boss of Just Eat will take home up to £1.2 million in pay after he unceremoniously left the takeaway business last week.

Peter Plumb, who joined from Moneysupermarket in July 2017, will get one year’s salary of £754,750, plus a bonus of £521,000 if he hit all of last year’s targets, such as sales.

He was replaced on an interim basis by chief customer officer Peter Duffy, seen as the frontrunner to take on the job permanently.

Plumb came under pressure from shareholders to improve returns after a lacklustre year for the business saw it fall out of the FTSE 100 in December.

Cat Rock, an activist investor, said last month that Just Eat's financial targets “have been remarkably undemanding and have created little accountability for management to execute”.

The business, facing increased competition from the likes of Deliveroo and Uber Eats, said last week it expected revenues and earnings to grow this year due to better margins and profits at its Canadian business. It previously said it would invest up to £60 million in its own delivery service to compete with rivals. Duffy is credited with the recent margin improvement measures.

The one-year pay for Plumb’s notice period is fairly standard and it isn’t part of a termination package.

In March, Just Eat is expected to report revenues of up to £1.1 billion and profits of up to £205 million this year.