After resigning in September, former Waitr President Joseph Stough is returning to work with the company as an independent contractor.
Stough stepped down a little over a month after founder and CEO Chris Meaux left Waitr and is one of several high-profile departures the company has experienced over the past six months.
According to SEC filings, Waitr entered into an independent contractor agreement with Stough last Thursday. Stough will assist the company with “its efforts in the areas of operational excellence, culture and leadership.”
That assistance will pay Stough $2,500 per month.
Waitr also submitted today to the SEC a clarification about information released in its third quarter call with investors last week. During the call, executives disclosed that during the quarter, its average market share and average gross sales increased in its larger volume markets.
The company is now backpedaling, saying the comments were in reference to markets where delivery volumes are highest among the combination of the company and its competitors. In the company’s core markets, however, where it has more delivery volume compared to its other markets, its market share declined and average gross sales were flat during the third quarter.
Overall, Waitr posted a $220.1 million net loss for the third quarter, or a loss of $2.89 per diluted share.
Following the announced resignation of two board members and a CFO last month, the company’s share price dropped below $1. Last Thursday, the shares plummeted further to 25 cents. As of this afternoon, Waitr stock was selling at 25 cents per share.
