Waitr President Joseph Stough resigns
Waitr President Joseph Stough has announced his resignation, a month after founder Chris Meaux resigned as CEO and the company hinted it may be looking to sell.
Waitr filed a separation agreement to the Securities Exchange Commission saying Stough's final day was Wednesday.
"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 Media Relations Director Dean Turcol said. "Stough will continue to serve as an advisor to CEO Adam Price in the ongoing implementation of these practices."
On Sept. 6, former Louisiana Attorney General Charles C. Foti Jr. announced that his firm was commencing an investigation into Waitr and whether the company "made materially false statements in connection with its going public transaction, its Secondary Offering and in connection with the partial stock based acquisition of Bite Squad."
Last month, Meaux announced his decision to resign as the company's chief. The announcement came after the company's second quarter filings, which reported a loss of $24.9 million, after reporting a profit in the same period a year earlier.
The company's second-quarter earnings report released last month said Waitr has "commenced a review to explore and evaluate potential strategic alternatives to enhance shareholder value." According to the report, these alternatives could include "the disposition of certain assets, a strategic business combination, a transaction that results in private ownership or a sale of the company, or some combination of these."
The review began after Waitr started considering some of the interest in the company primarily due to its "dominant position in core small- to medium-sized markets," as well as a trend of mergers in the industry internationally.