Advertisement
The founder of Deliveroo is stepping down following its £2.9billion takeover by a US rival. Will Shu, who set up the business in London in 2013, will quit the job of chief executive when the acquisition by DoorDash is completed early next month. The deal is set to hand Shu, 49, a windfall of £178million from his 6.6 per cent stake in Deliveroo, while staff who collectively own around 36million shares will share a £65million pot.
However, the 180p a share sale price is well below the 390p they listed at in London in 2021 when the firm was valued of £7.6billion. The stock fell by more than a quarter on its debut – earning it the nickname ‘Floperoo’. Announcing his plan to leave on Thursday, Shu said: ‘I have decided that now is the right time for me to step down.
‘Taking Deliveroo from being an idea to what it is today has been amazing. ‘We are delivering on our mission to transform the way people shop and eat, but after 13 years I want to contemplate my next challenge. ‘I’m super proud of everything we have achieved. We pioneered and then redefined a new category.’
Deliveroo’s non-executive directors, which include Cafe Rouge founder Karen Jones and Flutter boss Peter Jackson, will all also step down once the takeover is complete. A court hearing will take place to confirm the takeover on 30 September, with the deal expected to be completed on 2 October.
Deliveroo chairman Claudia Arney, who is a former director of The Premier League and is also standing down, said: ‘Will is an incredible innovator and has brought a unique mix of passion, vision and commitment to the creation and growth of Deliveroo. ‘He has created a British success story that has had a hugely positive impact on the way we eat and shop, provided a new form of work for tens of thousands of people and helped thousands of restaurants and other merchants grow their businesses – both here and around the world.
‘On behalf of the board, I want to thank Will for his remarkable contribution.’ Deliveroo operates in nine countries and works with more than 130,000 riders across the world. It made sales of around £2billion in 2024.
#Deliveroo #founder #Shu #step #DoorDash #takeover
