Deliveroo founder Will Shu to step down after DoorDash takeover

Deliveroo founder Will Shu will step down as chief executive after the UK-based food-delivery company is acquired by DoorDash in a deal valued at about £2.9 billion, with completion expected in early October. Shu, who started Deliveroo in London in 2013, will exit when the acquisition is completed, the company said on Thursday.

Shu owns about 6.6% of Deliveroo, which would deliver roughly £178 million on the exit, while staff who hold about 36 million shares will share a £65 million windfall. The sale price of 180 pence per share is well below the 390p price at which Deliveroo listed in London in 2021, when the firm was valued at about £7.6 billion. The IPO’s initial performance drew attention and the stock’s slump led to the nickname “Floperoo” among investors.

Announcing the plan to leave, Shu said: “Taking Deliveroo from being an idea to what it is today has been amazing. 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.” Deliveroo’s non-executive directors, which include Cafe Rouge founder Karen Jones and Flutter boss Peter Jackson, will all also step down once the takeover is complete.

A court hearing will take place to confirm the takeover on 30 September, with the deal expected to be completed on 2 October. Deliveroo chairman Claudia Arney, who is a former director of The Premier League and is also standing down, 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. On behalf of the board, I want to thank Will for his remarkable contribution.”

Deliveroo operates in nine countries and works with more than 130,000 riders across the world. It made sales of around £2 billion in 2024. The deal with DoorDash marks another step in the United States’ push to consolidate online food-delivery platforms, a trend that has reshaped earnings and strategy for merchants and workers alike as competition intensifies.