Will Shu, cofounder and CEO of UK food delivery company Deliveroo, will step down once the sale of the company to US rival DoorDash goes through.
Shu has led Deliveroo since he founded it in 2013 alongside childhood best friend Greg Orlowski. In May, it was announced that the company had agreed a sale to DoorDash for £2.9bn.
“Taking Deliveroo from being an idea to what it is today has been amazing,” Shu said in a statement to the Financial Times. “After 13 years I want to contemplate my next challenge.”
The sale to DoorDash is set to go through in October, pending court approval. Shu is expected to personally pocket £170m from the sale of his 6.5% stake.
Deliveroo had initially denied reports that Shu was set to leave, issuing a statement in February saying there were no plans for him to exit the firm.
The company’s sale to DoorDash rounds off a choppy few years. Deliveroo floated on the London Stock Exchange at a £7.6bn valuation but subsequently saw its share price plummet.
The company had seen losses widen to more than £30m in 2024, but regained some ground when it reported its first full-year profit last month.
