The chief financial officer and two board members at Waitr are resigning as turnover at the top continues at the Louisiana-based mobile app delivery business.
The company, which has been struggling to turn a profit for months and is looking to ways to compete for customers and restaurants alike, also dropped its delivery fee to $4 from $6.
CFO Jeff Yurecko is resigning Nov. 1, the executive told the company in early October. He has been in the role since April and was the former chief financial officer of Bite Squad, which Waitr acquired earlier this year. Yurecko was paid $145,000 as part of his separation agreement.
He's the third top executive at Waitr to resign in the past two months. Founder Chris Meaux stepped down as chief executive officer, remaining with the company as chairman, and former President Joseph Stough left the company to spend more time with his family.
Waitr President Joseph Stough has resigned from the Lake Charles-based food delivery company just a month after founder Chris Meaux stepped do…
Yurecko's decision to resign was "not related to a disagreement with the company over any of its operations, policies or practices," according to U.S. Securities and Exchange Commission filings by the company.
Waitr is conducting an executive search to find his replacement. Waitr's chief accounting officer, Karl Meche, will be handling the company's finances in the meantime.
"We have a great team that will be a great asset until we find a permanent replacement for Jeff, but our search is focused externally for the CFO position," Waitr said in a statement. "We hope to make a decision soon."
The two board members resigning are Susan Collyns and Scott Fletcher. Collyns, who is chief financial officer of Beachbody, was appointed to the board of directors in April. Fletcher had been on the Waitr board since its initial public offering last year and is the co-founder of YMF Investments in Australia. He also was an executive for Delivery Hero, an online food ordering business in Germany.
Waitr is searching for replacement board members, likely with public company experience and expertise in technology but also the restaurant industry. As of Oct. 11, when both board members resigned, Waitr has been out of compliance with Nasdaq rules requiring a majority of directors be independent of the company.
On Wednesday afternoon, Waitr told customers that it decided to drop its delivery fee to $4 across all the markets where it operates. In New Orleans, the company began experimenting with even lower fees — from $6 to $2.98 — in early October as it expands into that market.
"We expect that the customer cost reduction will substantially increase business for our restaurant partners," Waitr said in an emailed statement.
Adam Price, who was promoted to CEO in August, was bullish on the company's future.
"I continue to be excited about the improvement opportunities sitting in front of the business that we are looking to take advantage of over the next 6, 12 and 24 months,” Price said in a news release.
The Lake Charles-based 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 $85 million and its stock was trading around 99 cents per share in after-hours activity after closing at $1.11 when the market wrapped up on Wednesday. That's down from about $14 per share in March.
Waitr recently hired strategic advisers to keep an eye on industry competitors and help guide the company — potentially toward a merger or sale, though that was downplayed in a conference call with analysts and investors. The company is expected to release its third-quarter financial results in the coming weeks.
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