Deliveroo CEO, Will Shu, steps down from his position, despite earlier denials that he intended to depart.
In a significant move for the food delivery industry, Will Shu, the co-founder and CEO of Deliveroo, has announced his decision to step down from the company. This announcement comes before the expected takeover by US-based Doordash, which was announced by Deliveroo's board earlier this year.
Shu founded Deliveroo in 2013 and has been at the helm ever since, guiding the company through its initial growth and subsequent challenges. Under his leadership, Deliveroo pioneered and redefined a new category in the food delivery sector.
Initially, there were rumours that Shu was planning to leave, but the company denied these reports. However, it seems that Shu has now decided to contemplate his next challenge outside of Doordash. He expressed pride in what Deliveroo has achieved and thanked everyone involved in the company.
Deliveroo listed on London's Stock Exchange in 2021, but since then, the share price has halved. The company took 10 years to turn a profit due to heavy investment, competition, and high costs associated with its gig economy model.
The acquisition by Doordash, expected to be effective in early October, is set to create a takeaway behemoth, serving about 50 million customers per month. The combined company will have a presence in more than 40 countries.
Claudia Arney, Chair of Deliveroo, stated that the company is entering a new era as part of the enlarged DoorDash Group. She praised Shu for his unique mix of passion, vision, and commitment to the creation and growth of Deliveroo.
The leadership of the expanded DoorDash group after the acquisition of Deliveroo has not been explicitly specified in the available search results. Shu will leave the board of Deliveroo when the acquisition becomes effective.
This acquisition is expected to mark a significant shift in the food delivery industry, consolidating two major players and creating a global powerhouse. The industry will be watching closely to see how the combined company navigates the challenges and opportunities that lie ahead.
