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Delivery Hero has defended its under-fire chief executive after the German food group responded to shareholder pressure over its falling share price by exploring a sale of assets.

Chair Kristin Skogen Lund told the Financial Times that “despite headwinds” the company’s performance “remained strong”, even after its share price had fallen 30 per cent over the past 12 months to wipe about €1.5bn off its market capitalisation.

“We share the frustration that that’s not reflected in the share price and we’re committed to trying to do something about that,” she said.

Earlier this week, Skogen Lund wrote to investors to announce the company was reviewing its strategy and would consider options such as “best-owner evaluations”, “partnerships” and “capital market transactions”. The group’s shares rose more than 13 per cent in the days after the announcement, but then pared back some of the gains.

The letter — co-authored by the company’s chief executive and founder, Niklas Östberg — came weeks after reports that disgruntled shareholders were pushing its leadership to look at divestments.

Delivery Hero operates in 70 countries worldwide and counts brands such as Talabat, Glovo and Foodpanda among its portfolio of companies, but has faced stiff competition, particularly in the Middle East from competitors such as China’s Meituan.

Asked if she felt the Östberg was the right person to continue leading the group, Skogen Lund said “[yes] because Niklas founded this company and he knows it in and out”.

“We think that the company now needs stability and the opportunity to keep focusing on improving that operational performance in the hope that will eventually be better reflected in the share price,” she added.

Skogen Lund said the company’s market performance had “probably been influenced” by a number of external factors, including the “Prosus situation”, which she admitted was “not resolved yet”.

In August, Amsterdam-based Prosus, which is Delivery Hero’s largest shareholder, agreed to sell down its 27 per cent stake to “single figures” to appease Brussels competition authorities reviewing its €4.1bn takeover of Delivery Hero rival Just Eat Takeaway.

Prosus was evaluating options on how to conduct the sale of its shares, said a person familiar with the matter, which must be completed by August 2026.

Other headwinds Skogen Lund cited included a €329mn EU fine in June on Delivery Hero, alongside its Spanish subsidiary Glovo, for taking part in an “online food delivery cartel”.

At the time, the company said the settlement enabled “stakeholders to move on swiftly”, and reiterated its “commitment to continuing a culture of compliance throughout its organisation”.

Skogen Lund said she wanted to “kill a myth” that the board did not want to participate in the strategic review, adding management will “do what it takes to improve how that value is reflected in the share price”.