Deliveroo CEO Will Shu.
Aurelien Morissard | IP3 | Getty Images
LONDON — Deliveroo CEO Will Shu is about to step down from the meals supply firm he co-founded over a decade in the past.
Shu, who established Deliveroo in 2013 with childhood pal Greg Orlowski, mentioned Thursday that he’ll step down as CEO after its takeover by U.S. rival DoorDash is accomplished.
DoorDash announced its deal to purchase the British on-line takeout platform in May. The acquisition values Deliveroo at £2.9 billion ($4 billion).
“I have decided that now is the right time for me to step down,” Shu mentioned in a press release Thursday. “Taking Deliveroo from being an idea to what it is today has been amazing.”
“Today the Company’s growth and profitability are accelerating and we are delivering on our mission to transform the way people shop and eat, but after 13 years I want to contemplate my next challenge,” Shu added.
Deliveroo mentioned that its acquisition by DoorDash “continues to progress as anticipated” and is anticipated to shut on Oct. 2 following a scheduled Sept. 30 court docket listening to to sanction the deal.
Once it closes, the takeover will symbolize an finish to Deliveroo’s tumultuous time within the public markets.
Deliveroo noticed its shares plunge 30% in 2021 on the day of its preliminary public providing, dealing a big blow to London’s ambitions to compete with New York for extra high-profile tech listings.
