Aspex Raises Stake in Delivery Hero to 15%, Intensifying Pressure on CEO

Hedge fund Aspex Management has increased its stake in German online food delivery company Delivery Hero to 15%. This move escalates pressure on the company's CEO and strengthens investor demands for strategic changes. Aspex's action follows Delivery Hero's challenges in meeting profitability targets. Aspex has become one of Delivery Hero's largest shareholders, with the fund reportedly aiming for a greater say on the company's board. According to sources, Aspex is questioning the leadership of CEO Niklas Östberg and is pushing for more aggressive steps to improve the company's cost structure. Delivery Hero has been grappling with increased competition and regulatory pressures recently. Delivery Hero shares traded flat following the news of Aspex's stake increase. The company announced last year that it aims to achieve positive adjusted EBITDA by 2024. However, analysts suggest that reaching this target may be difficult and that Aspex's pressure could lead to management changes. Aspex's move could influence Delivery Hero's strategic direction. The fund is rumored to be demanding the sale of some regional operations or faster cost reductions. Delivery Hero's management has not yet made an official statement on the matter. This is not investment advice.