By Amber Murray
Copyright cityam
The CEO of Deliveroo, Will Shu, has announced his decision to step down from the company he co-founded in 2013, just months after the company denied he had any plans to leave.
In February, after growing speculation Shu was preparing to exit the tech business later in the year, Deliveroo issued a statement in which the firm said: “In response to rumours in the media, the company confirms that there are no plans for Will to step down.
“Will remains relentlessly focused on the long term future of Deliveroo and delivering for consumers, merchants and riders.”
The company has now revealed that Shu will leave the board after all, when Deliveroo’s acquisition by Doordash becomes effective, which is expected to be in early October.
Shu said that “now is the right time” to leave. “Taking Deliveroo from being an idea to what it is today has been amazing… but after 13 years I want to contemplate my next challenge.”
“Today the company’s growth and profitability are accelerating and we are delivering on our mission to transform the way people shop and eat… This is the start of a new chapter for the company and great things lie ahead,” he added.
Shu and his childhood friend Greg Orlowski founded the tech company in 2013, but heavy investment, competition and high costs associated with its gig economy model meant it took 10 years to turn a profit.
In 2021, it listed on London’s Stock Exchange in 2021 in a rare – and bumper – tech float, although its share price has since halved.
In May, the board of Deliveroo announced a £2.9bn takeover by US-based Doordash (in yet another high-profile delisting from the London Stock Exchange).
The tie-up is expected to create a takeaway behometh and provide fierce competition to rivals: In 2024, the two companies together generated a total Gross Order Value of approximately $90bn.
The combined company will have a presence in more than 40 countries serving about 50m customers per month.
Claudia Arney, Chair of Deliveroo, said the company is “entering a new era as part of the enlarged DoorDash Group, with exciting opportunities ahead”.
Arney added that Shu has “brought a unique mix of passion, vision and commitment to the creation and growth of Deliveroo… He has created a British success story.”
Shu said he was “super proud of everything we have achieved… we pioneered and then redefined a new category.”
“I want to thank everyone involved in the company, from our employees to our merchant partners, riders, consumers, as well as our investors.”
