Waitr President Joseph Stough has resigned from the Lake Charles-based food delivery company just a month after founder Chris Meaux stepped down as CEO and was named chairman.
Stough had worked as president and chief operating officer since early 2017 until mid-June this year. At that time, Adam Price was promoted to chief operating officer, with Stough retaining the title of president until this week. Price took over as Meaux's replacement as CEO last month.
Stough stepped down to spend more time with his family but is expected to continue to serve as an adviser to the CEO, Waitr said in a statement.
"During his time at Waitr, Stough initiated operational excellence processes that differentiate the company in the industry, allowing enhanced service quality and operational efficiencies," Waitr said.
Stough will continue to be paid his base salary until March 2020, records show. His base salary in 2018 was $215,268, but his total executive compensation was $640,702, according to U.S. Securities and Exchange Commission filings.
For the past few months, Waitr had a CEO, president, chief operating officer and chief financial officer in the executive suite. Now it only has a CEO and chief financial officer in the aftermath of the changes affecting Meaux and Stough. The company said it is looking to hire a chief technology officer and chief marketing officer.
The company, which also has substantial operations in Lafayette, was founded in 2013 and went public in November 2018.
The market capitalization of Waitr is about $138 million and its stock is trading around $1.70 per share, which is down from a $13 per share 52-week peak. About six months ago, Waitr's market cap was $910 million.
The company last month reported financial losses during April-June and dealt in recent months with a shake-up of its workforce — including the top executive's role in the company — and a rustling of independent restaurant owners feathers with higher commissions as Waitr continues to maneuver its way in a restaurant food delivery market that's been consolidating in the past few years.
Waitr also revealed last month that it hired strategic advisers to keep an eye on industry competitors and guide the company — potentially toward a merger or sale, though that was downplayed in a conference call with analysts and investors.
