After more than a decade at the helm of Deliveroo, co-founder and CEO Will Shu has announced that he will step down following its acquisition by American giant DoorDash. Shu founded the British food delivery platform in 2013 with childhood friend Greg Orlowski, transforming it into one of the industry's leading players. The sale, announced in May, values Deliveroo at 2,9 billion pounds (about $4 billion) and is expected to officially close on October 2, following a court hearing scheduled for September 30 to ratify the deal.
"I've decided this is the right time to step back," Shu said in a statement. "Taking Deliveroo from an idea to what it is today has been incredible. After 13 years, it's time to focus on my next challenge." The acquisition also marks the end of Deliveroo's troubled journey on the financial markets: its IPO in 2021 was marred by a 30% drop in shares on the first day of trading, a severe blow to London's ambitions to attract major tech stocks. Under DoorDash's leadership, Deliveroo now aims to consolidate growth and profitability, while Shu, a key figure in the evolution of food delivery in Europe, prepares to move on.
