The entrepreneur who masterminded Deliveroo’s evolution into one of Britain’s biggest consumer technology businesses is preparing to hand over the reins to a new chief executive.
Sky News has learnt that Will Shu, who set the company up in 2013 and participated in its delivery service himself, is contemplating stepping back as CEO as soon as this year.
Under one scenario being discussed by Deliveroo’s board, chaired by Claudia Arney, Mr Shu could leave the role in the autumn.
Money blog: Britons told to holiday at Easter – or face astronomical summer prices
Carlo Mocci, the company’s chief business officer, is said to be the leading internal candidate to replace Mr Shu, although sources insisted on Tuesday that no decisions about a replacement had been taken by Deliveroo’s board.
Other succession planning scenarios are also said to be under consideration, including a number which could mean Mr Shu remaining in place for longer.
At least one executive search firm is said to be engaged by Deliveroo on the project.
Deliveroo achieves first ever profit as average customer spend rises
Delivery riders to strike again as takeaway volumes fell during last walkout
Deliveroo, Just Eat, Uber Eats strikes set to hit Fridays and holidays, drivers warn
One source added that Deliveroo did not plan to make a public announcement about leadership changes for some time.
Mr Shu has become one of the most prominent business leaders in Britain, steering a business which now employs thousands of people and partners with some of the country’s best-known restaurant brands, including McDonald’s, PizzaExpress and Wagamama.
Under his leadership, it has also broadened its offering to groceries, with partners such as the Co-op, Sainsbury’s and Waitrose.
It has also encountered severe reputational challenges, notably over its treatment of so-called gig economy workers and their lack of employment rights.
Deliveroo was privately held for most of its first decade in existence, attracting big-name technology investors before, in 2019, Amazon swooped to buy a sizeable minority stake in the company.
The deal drew scrutiny from competition authorities, but was eventually approved the following year.
That was widely expected to be the prelude to a full takeover bid from the internet behemoth, but such an offer never materialised.
Instead, Deliveroo opted to go public in 2021 in London, leading to what critics dubbed the worst such public share sale in history.
Follow our channel and never miss an update
Initially priced at 390p-a-share – which gave Deliveroo a valuation of £7.6bn – the stock tumbled on its debut, ending its first day of trading at 284p.
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.
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 Tuesday afternoon, Deliveroo shares were trading at around 138.5p, giving the company a market capitalisation of about £2.13bn.
The stock has risen by about 15% over the last year.
Be the first to get Breaking News
Install the Sky News app for free
Deliveroo has been contacted for comment.
