Deliveroo CEO Will Shu.
Aurelien Morissard | IP3 | Getty Images
London – Derrveroo CEO Will Shu is set to step down from the food delivery company he co-founded more than a decade ago.
Shu, who founded Delicau in 2013 with childhood friend Greg Orowski, said on Thursday that he would step down as CEO after the acquisition of US rival Dodash.
Doordash announced a deal in May to purchase the UK’s online takeout platform. The acquisition value will be delivered at £2.9 billion ($4 billion).
“I have decided that now is the right time for me to resign,” Shu said in a statement Thursday. “It was amazing to turn Derveoo from an idea to something today.”
“Today, the company’s growth and profitability is accelerating and we are carrying out our mission to change the way people shop and eat, but we would like to consider the next challenge in 13 years,” Shu added.
Deliveroo says the Doordash acquisition is “continuing to progress as expected” and is expected to close on October 2 following a September 30 court hearing.
Once it closes, the acquisition represents the end of Derveroo’s turbulent time in the public market.
Derveroo took a major blow to London’s ambitions to compete with New York for a more famous technology list, when stocks plummeted 30% on the day of its first public offering in 2021.
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