Will Shu, founder and chief executive of Deliveroo, will step down from the takeaway delivery giant following its £2.9 billion takeover by rival DoorDash. Shu, who founded the business in London in 2013, will leave once the acquisition is completed.
Deliveroo bosses agreed in May for the business to be bought by San Francisco-based DoorDash for 180p per share. A court hearing will take place on September 30 to confirm the takeover, with the deal expected to be completed from October 2.
All of Deliveroo's non-executive directors will also step down once the takeover is complete. These include Cafe Rouge founder Dame Karen Jones and former Flutter boss Peter Jackson.
Financial windfall for founder and staff
Shu is reportedly in line for a £172 million windfall from his 6.5 per cent stake in Deliveroo following the deal. Staff, who are believed to collectively hold around 36 million shares, are understood to be set for a £65 million payout.
Deliveroo operates in nine countries and works with more than 130,000 riders across the world. The company made sales of around £2 billion in 2024.
Founder reflects on journey
Shu said: "I have decided that now is the right time for me to step down. Taking Deliveroo from being an idea to what it is today has been amazing."
He added: "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."
Claudia Arney, chairwoman of Deliveroo, praised Shu's contribution. She said: "Will is an incredible innovator and has brought a unique mix of passion, vision and commitment to the creation and growth of Deliveroo. He has created a British success story that has had a hugely positive impact on the way we eat and shop, provided a new form of work for tens of thousands of people and helped thousands of restaurants and other merchants grow their businesses - both here and around the world."
Sources used: "PA Media" Note: This article has been edited with the help of Artificial Intelligence.
