Deliveroo govt French to go away as board weighs CEO succession

One among Deliveroo’s prime executives is to go away the corporate as its board weighs a succession plans for its founder and CEO, Will Shu.

Sky Information has learnt that Eric French, the meals supply service’s chief working officer since 2021, has instructed colleagues that he’ll step down later this yr.

His departure has but to be introduced internally.

Mr French joined Deliveroo in January 2021, having spent 15 years at Amazon in quite a lot of senior roles.

His most up-to-date submit on the US-based web large – which took a stake in Deliveroo in 2019 – was as vice-president of its US consumables enterprise, the place he was liable for its family, magnificence, child and grocery classes.

Sources stated his plan to go away Deliveroo was unconnected to ongoing discussions within the firm’s boardroom about succession planning for Mr Shu.

Sky Information revealed on Tuesday that administrators had begun actively debating the potential timing of Mr Shu’s exit, with one situation into account that he would depart in the direction of the top of this yr.

Carlo Mocci, Deliveroo’s chief enterprise officer, is considered the inner favorite to exchange Mr Shu when he stands down.

Deliveroo responded to the story by saying there have been “no plans for Will to step down”.

“Will stays relentlessly centered on the long run way forward for Deliveroo and delivering for shoppers, retailers and riders,” it stated.

Insiders labelled the assertion ‘a non-denial denial’ and confirmed that headhunters have been engaged in CEO succession planning on the firm, which counts Pizza Categorical and Waitrose amongst its supply companions.

Mr Shu co-founded the corporate up in 2013 and has turn into one of the distinguished enterprise leaders in Britain, steering a enterprise which now employs hundreds of individuals.

Regardless of the droop in its inventory market valuation because it went public in 2021, Deliveroo is one in every of Britain’s largest shopper know-how successes of latest years.

It has additionally encountered extreme reputational challenges, notably over its remedy of so-called gig financial system staff and their lack of employment rights.

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

Berlin-based Supply Hero bought its 4.5% stake in Deliveroo final yr for roughly £77m, though more moderen 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 computerized safety towards any undesirable bid.

On Wednesday, Deliveroo shares have been buying and selling at round 139.8p, giving the corporate a market capitalisation of about £2.15bn.

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

Deliveroo has been contacted for remark.