Deliveroo founder-CEO to step down after takeover by DoorDash

(Sharecast News) - Deliveroo announced on Thursday that founder Will Shu would step down as chief executive once the company's acquisition by US rival DoorDash completes next month, marking the end of his 13-year tenure at the helm of the London-based food delivery group.

Shu would remain in place until the takeover, structured as a scheme of arrangement, becomes effective, which was expected on 2 October following a court hearing on 30 September to sanction the deal.

"I have decided that now is the right time for me to step down," Shu said.

"Taking Deliveroo from being an idea to what it is today has been amazing.

"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.

"I'm super proud of everything we have achieved. We pioneered and then redefined a new category."

Deliveroo also said that all its non-executive directors, including chair Claudia Arney, had agreed to step down when the DoorDash deal completes.

At 1057 BST, shares in Deliveroo were up 0.06% at 179.4p.

Reporting by Josh White for Sharecast.com.