Deliveroo founder Will Shu to step down after DoorDash takeover
Shu to resign as chief executive after DoorDash completes £2.9 billion acquisition; he would receive about £178 million from his stake, with staff sharing a £65 million pot, as board directors depart.
Deliveroo founder Will Shu will step down as chief executive after the London-based food-delivery company agreed to a £2.9 billion takeover by DoorDash, a U.S. rival. Shu, 49, will leave once the transaction closes in the coming weeks. The deal would hand him about £178 million from his 6.6% stake, while employees who own roughly 36 million shares would share about £65 million. The agreed price of 180 pence per share is well below the roughly 390p at which the company began trading on the London Stock Exchange in 2021, valuing Deliveroo at about £7.6 billion. Deliveroo’s stock fell more than 25% on its first day of trading, a slide that helped earn the stock the nickname “Floperoo.”
Deliveroo was founded in London in 2013 and has since grown into a nine-country operation that relies on more than 130,000 riders. The company reported sales of about £2 billion in 2024 and has pursued growth by expanding into new markets and partnering with restaurants and merchants across the globe. The DoorDash deal, announced earlier this year, aims to broaden the U.S. company’s international footprint and accelerate its capabilities in a competitive, fast-changing delivery market.
Shu confirmed in a Thursday statement that stepping down is the right move at this stage. “Taking Deliveroo from being an idea to what it is today has been amazing,” he said. “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 board will also see major changes once the takeover is complete. The company’s non-executive directors, including Cafe Rouge founder Karen Jones and Flutter chairman Peter Jackson, are set to step down as part of the transaction. Deliveroo chairman Claudia Arney, a former director of the Premier League, said Shu had built a British success story that had a positive impact on the way people eat and shop, created new forms of work for tens of thousands of people and helped thousands of restaurants and other merchants grow their businesses globally. “Will is an incredible innovator and has brought a unique mix of passion, vision and commitment to the creation and growth of Deliveroo,” Arney said.
A court hearing to confirm the takeover is scheduled for Sept. 30, with completion expected on Oct. 2. If the deal closes as planned, DoorDash will take Deliveroo private, integrating the UK-based platform with its own network and technology stack. Shareholders, employees and the broader market will be watching closely for how the new ownership structure affects Deliveroo’s operations, rider incentives, and relationships with partner restaurants as the market for on-demand delivery remains highly competitive.
Deliveroo operates across nine countries and relies on a global network of riders to connect customers with restaurants and other merchants. The company’s 2024 performance, while solid, reflects the broader challenges in the sector, including price competition, regulatory scrutiny, and the ongoing shift toward gig-economy work arrangements. DoorDash’s acquisition of Deliveroo represents a notable consolidation in the sector and could influence pricing, rider terms, and service levels across markets where Deliveroo previously competed with other major players. As the cross-border transaction unfolds, stakeholders will evaluate how the combined platform plans to leverage Deliveroo’s local market knowledge with DoorDash’s logistics capabilities.
The outcome of the takeover will also determine the future leadership structure at Deliveroo and the extent to which the company maintains its local branding in markets outside the U.S. and Europe. While Shu’s departure marks the end of an era for Deliveroo, it comes amid a broader wave of consolidation in online food delivery as investors weigh profitability, driver compensation, and capital expenditure in a rapidly evolving landscape.
As the parties move toward closing, analysts and industry observers note the importance of a clear transition plan for Deliveroo’s network of restaurants and customers. The deal’s execution will hinge on regulatory approvals and the smooth integration of operations across geographies, ensuring that Deliveroo’s platform remains reliable and responsive to both merchants and diners during the transition.
Ultimately, the Deliveroo-DoorDash agreement underscores the ongoing push among major players to scale up delivery platforms through strategic acquisitions. For Shu, the stage of his leadership ends with a windfall from his stake, but also with the challenge of ensuring a seamless transition for a company that has become a recognizable feature of urban life in multiple regions. The coming weeks will illuminate how the combined entity will balance growth, profitability, and the interests of its workforce as it pivots in a competitive global market.