GrubHub Inc (NYSE:GRUB)’s stock has tumbled nearly 14 percent over the last 30 days, and six percent in the last five days. How come? Well, the primary reason seems to be the company’s CEO chastizing employees who support Donald Trump.
One day after the election, GrubHub CEO Matt Maloney issued an email to the workforce informing them that they should submit their resignation if they support the president-elect.
Here is the entire email text:
I’m still trying to reconcile my own worldview with the overwhelming message that was delivered last night. Clearly there are a lot of people angry and scared as the antithesis of every modern presidential candidate won and will be our next president.
While demeaning, insulting and ridiculing minorities, immigrants and the physically/mentally disabled worked for Mr. Trump, I want to be clear that this behavior – and these views, have no place at Grubhub. Had he worked here, many of his comments would have resulted in his immediate termination.
We have worked for years cultivating a culture of support and inclusiveness. I firmly believe that we must bring together different perspectives to continue innovating – including all genders, races, ethnicities and sexual, cultural or ideological preferences. We are better, faster and stronger together.
Further I absolutely reject the nationalist, anti-immigrant and hateful politics of Donald Trump and will work to shield our community from this movement as best as I can. As we all try to understand what this vote means to us, I want to affirm to anyone on our team that is scared or feels personally exposed, that I and everyone else here at Grubhub will fight for your dignity and your right to make a better life for yourself and your family here in the United States.
If you do not agree with this statement then please reply to this email with your resignation because you have no place here. We do not tolerate hateful attitudes on our team.I want to repeat what Hillary said this morning, that the new administration deserves our open minds and a chance to lead, but never stop believing that the fight for what’s right is worth it.
Although the CEO believed he was doing the noble thing, the company stock has been crumbling. There was also a boycott movement being spread on Twitter with #boycottgrubhub. (The boycott idea itself is a ridiculous threat on both sides because if the company provides value then who cares? Also, are you supposed to vet every single executive, entrepreneur or employee’s personal beliefs prior to buying a product or paying for a service?)
Due to the shares tumbling, Maloney has backtracked on his comments and said that his remarks have been “misconstrued,” noting that the company accepts everyone’s political beliefs.
Nevertheless, it seems the damage has already been done and now the stock is leveling. At the time of this writing, GrubHub shares are down 0.19 percent to $35.94.
GrubHub 😆 pic.twitter.com/6hbJg0ALz9
— Paul Joseph Watson (@PrisonPlanet) November 16, 2016
Who cares, I care, when a CEO makes a statement about the president elect and then tells his employee’s that if they do not agree with him they should tender their resignation. I do not care about his worldview and I do not care about GrubHub, I will never use their service and never buy the stock. Absolute power corrupts, absolutely. The stock is down 19 percent not .19 percent. Maybe CEO’s will some day learn not to stick their golden foot in their mouths, I will not hold my breath.