One of Deliveroo’s top executives is to leave the company as its board weighs a succession plans for its founder and CEO, Will Shu.
Sky News has learnt that Eric French, the food delivery service’s chief operating officer since 2021, has told colleagues that he will step down later this year.
His departure has yet to be announced internally.
Mr French joined Deliveroo in January 2021, having spent 15 years at Amazon in a number of senior roles.
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His most recent post at the US-based internet giant – which took a stake in Deliveroo in 2019 – was as vice-president of its US consumables business, where he was responsible for its household, beauty, baby and grocery categories.
Sources said his plan to leave Deliveroo was unconnected to ongoing discussions in the company’s boardroom about succession planning for Mr Shu.
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Sky News revealed on Tuesday that directors had begun actively debating the prospective timing of Mr Shu’s exit, with one scenario under consideration that he would leave towards the end of this year.
Carlo Mocci, Deliveroo’s chief business officer, is regarded as the internal favourite to replace Mr Shu when he stands down.
Deliveroo responded to the story by saying there were “no plans for Will to step down”.
“Will remains relentlessly focused on the long term future of Deliveroo and delivering for consumers, merchants and riders,” it said.
Insiders labelled the statement ‘a non-denial denial’ and confirmed that headhunters were engaged in CEO succession planning at the company, which counts Pizza Express and Waitrose among its delivery partners.
Mr Shu co-founded the company up in 2013 and has become one of the most prominent business leaders in Britain, steering a business which now employs thousands of people.
Despite the slump in its stock market valuation since it went public in 2021, Deliveroo is one of Britain’s biggest consumer technology successes of recent years.
It has also encountered severe reputational challenges, notably over its treatment of so-called gig economy workers and their lack of employment rights.
In recent months there has been growing speculation that Deliveroo will attract a takeover offer from an international suitor.
Berlin-based Delivery Hero sold its 4.5% stake in Deliveroo last year for roughly £77m, although more recent market chatter has centred on Doordash, the American takeaway delivery service.
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A golden share held by Mr Shu that was put in place at the time of its IPO expired last year, removing the company’s automatic protection against any unwanted bid.
On Wednesday, Deliveroo shares were trading at around 139.8p, giving the company a market capitalisation of about £2.15bn.
The stock has risen by about 15% over the last year.
Responding to an enquiry from Sky News, a Deliveroo spokesman said: “Eric first raised with Will his desire to move on in autumn last year as part of Eric’s plans to relocate to the US.
“Eric has worked with the company for over four years, scaling the grocery business and playing a leadership role in helping the company reach key financial milestones.
“Will and Eric continue to work closely together and are entirely focused on growing the business and ensuring a smooth transition. Eric will be with Deliveroo until the summer.”
