Deliveroo plots path to naming successor to founding CEO Shu

The entrepreneur who masterminded Deliveroo’s evolution into certainly one of Britain’s greatest shopper expertise companies is making ready at hand over the reins to a brand new chief government.

Sky Information has learnt that Will Shu, who set the corporate up in 2013 and took part in its supply service himself, is considering stepping again as CEO as quickly as this yr.

Underneath one situation being mentioned by Deliveroo’s board, chaired by Claudia Arney, Mr Shu might depart the function within the autumn.

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Different succession planning situations are additionally mentioned to be into consideration, together with a quantity which might imply Mr Shu remaining in place for longer.

No less than one government search agency is claimed to be engaged by Deliveroo on the mission.

One supply added that Deliveroo didn’t plan to make a public announcement about management adjustments for a while.

Mr Shu has change into one of the distinguished enterprise leaders in Britain, steering a enterprise which now employs hundreds of individuals and companions with among the nation’s best-known restaurant manufacturers, together with McDonald’s, PizzaExpress and Wagamama.

Underneath his management, it has additionally broadened its providing to groceries, with companions such because the Co-op, Sainsbury’s and Waitrose.

It has additionally encountered extreme reputational challenges, notably over its therapy of so-called gig economic system employees and their lack of employment rights.

Deliveroo was privately held for many of its first decade in existence, attracting big-name expertise buyers earlier than, in 2019, Amazon swooped to purchase a sizeable minority stake within the firm.

The deal drew scrutiny from competitors authorities, however was finally authorized the next yr.

That was extensively anticipated to be the prelude to a full takeover bid from the web behemoth, however such a suggestion by no means materialised.

As an alternative, Deliveroo opted to go public in 2021 in London, resulting in what critics dubbed the worst such public share sale in historical past.

Initially priced at 390p-a-share – which gave Deliveroo a valuation of £7.6bn – the inventory tumbled on its debut, ending its first day of buying and selling at 284p.

In latest months there was rising hypothesis that Deliveroo will appeal to a takeover supply from a global suitor.

Berlin-based Supply Hero bought its 4.5% stake in Deliveroo final yr for roughly £77m, though newer market chatter has centred on Doordash, the American takeaway supply service.

A golden share held by Mr Shu that was put in place on the time of its IPO expired final yr, eradicating the corporate’s automated safety in opposition to any undesirable bid.

On Tuesday afternoon, Deliveroo shares had been buying and selling at round 138.5p, giving the corporate a market capitalisation of about £2.13bn.

The inventory has risen by about 15% during the last yr.

Deliveroo has been contacted for remark.