Deliveroo CEO Will Shu to exit after DoorDash takeover completes

(Alliance News) - Deliveroo PLC on Thursday said its founder and Chief Executive Will Shu will step down from his role once the firm's acquisition by DoorDash Inc closes.

Back in May, the London-based online food delivery operator agreed to a GBP2.9 billion offer from its San Francisco-based peer. It is an all-cash deal for 180 pence per share.

Shu said: "I have decided that now is the right time for me to step down...Today the company's growth and profitability are accelerating and 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."

"Our teams have always seen the business through the eyes of the consumer and that consumer obsession has given us focus, drive and resilience... great things lie ahead," he added.

The company's directors will also step down once the acquisition takes effect, which is expected on October 2, subject to a UK sanction hearing.

Deliveroo reported earlier in September that the deal had secured approval from European regulators, and that the UK Competition & Markets Authority had not indicated that it would commence a phase 1 investigation.

The firm expects to have satisfied the UK antitrust condition at the time of the deal's sanction hearing on September 30.

Deliveroo shares were flat at 179.33 pence on Thursday morning in London, while DoorDash fell 0.2% to USD258.70 during pre-market trades in New York.

By Holly Munks, Alliance News reporter

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