Deliveroo founder Will Shu to step down as CEO after DoorDash takeover

In a significant shift for the food delivery industry, Will Shu, the co-founder and CEO of Deliveroo, has announced his decision to resign after the completion of the company's acquisition by U.S. competitor DoorDash. This move marks the end of an era for Shu, who founded Deliveroo in 2013 alongside his childhood friend Greg Orlowski. Shu disclosed his plans to step down in a statement released Thursday, emphasizing that he believes the timing is right for a transition. "Taking Deliveroo from an idea to its current status has been an incredible journey," he stated. He expressed pride in the company's rapid growth and profitability, highlighting their ongoing mission to revolutionize how people shop for food. The acquisition deal, valued at approximately £2.9 billion ($4 billion), was first announced in May and is on track to finalize on October 2, pending a court hearing scheduled for September 30. This transaction signals a significant resolution to Deliveroo's challenging tenure in the public market, which included a notable 30% decline in share value on the day of its initial public offering in 2021, raising concerns about London's competitiveness in attracting major tech listings. As Deliveroo prepares for this new chapter under DoorDash, the company remains optimistic about its future direction and continued growth.