Deliveroo CEO Will Shu.
Aurelien Morissard | IP3 | Getty Pictures
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 buddy Greg Orlowski, mentioned Thursday that he’ll step down as CEO after its takeover by U.S. rival DoorDash is accomplished.
DoorDash introduced its deal to purchase the British on-line takeout platform in Could. The acquisition values Deliveroo at £2.9 billion ($4 billion).
“I’ve determined that now’s the correct time for me to step down,” Shu mentioned in an announcement Thursday. “Taking Deliveroo from being an concept to what it’s at the moment has been superb.”
“Right this moment the Firm’s progress and profitability are accelerating and we’re delivering on our mission to rework the way in which folks store and eat, however after 13 years I wish to ponder my subsequent problem,” Shu added.
Deliveroo mentioned that its acquisition by DoorDash “continues to progress as anticipated” and is predicted to shut on Oct. 2 following a scheduled Sept. 30 court docket listening to to sanction the deal.
As soon as 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.
Keep forward of the curve with NextBusiness 24. Discover extra tales, subscribe to our publication, and be a part of our rising neighborhood at nextbusiness24.com
