Deliveroo chief exec to step down following DoorDash takeover

Deliveroo has announced that founder and chief executive Will Shu will step down after 13 years leading the food delivery platform.

The news comes after Deliveroo agreed to a £2.9bn takeover by US rival DoorDash.

Before founding Deliveroo in 2012, Shu studied for an MBA at the Wharton School and held roles in finance and investment.

He was a summer analyst at hedge fund SAC Capital in 2011 and earlier worked as vice president at ESO Capital, focusing on distressed credit and private equity.

He also spent time as an associate at DB Zwirn and Co., and before that worked at Morgan Stanley between 2001 and 2006 in investment banking and principal finance.

Shu will remain as chief executive until the completion of Deliveroo’s acquisition by US-based DoorDash, which is expected on 2 October.

In a statement, Shu said: “I have decided that now is the right time for me to step down as chief executive of Deliveroo. Today, Deliveroo is delivering on our mission to transform the way people shop and eat. After 13 years, however, I want to consider my next challenge.

“During the first year of Deliveroo I worked as a rider each and every day and continued to deliver orders regularly over the years. I know how hard you work and I want to thank you. You have helped to make Deliveroo what it is today, making an extraordinary contribution every day in your local communities. Since the beginning, we have sought to give riders the work we know you value, with flexibility alongside security.”

He added: “The acquisition will be good news for Deliveroo riders. DoorDash is one of the world’s leading platforms in local commerce and we believe that, with them, Deliveroo will be better positioned to serve you, increasing your opportunity to earn through greater order volume.”