Deliveroo has insisted there are no plans for its CEO Will Shu to step down from the role, following reports he could hand over the reins of the company as soon as the autumn.
Sky News has reported Shu – who founded the company in 2013, and was its first delivery rider – is contemplating quitting the chief executive role. The company’s chief business officer Carlo Mocci is the leading internal candidate to replace Shu, while at least one executive search firm is said to be engaged by Deliveroo on the project, according to Sky sources.
“In response to rumours in the media, the company confirms there are no plans for Will to step down,” a Deliveroo spokeswoman told The Grocer. “Will remains relentlessly focused on the long-term future of Deliveroo and delivering for consumers, merchants and riders.”
In recent months there has been growing speculation the company could be taken over, with suggestions US takeaway delivery service Doordash could be a potential buyer. Amazon secured a 16% stake in Deliveroo in 2020, following a 15-month investigation into the deal by the Competition & Markets Authority.
“Operationally Deliveroo is the best food delivery firm in our eyes but with its smaller scale it also means it is unlikely to be a consolidator of the space but more likely being consolidated,” analysts Bernstein said in a recent report.
At the time of Deliveroo’s underwhelming IPO in 2021 – dubbed “the worst IPO in London’s history” – Shu held a golden share in the company, protecting it against any unwanted takeover bid. This expired last year.
Deliveroo has made a major impact in grocery in recent years, and has partnerships with Asda, Co-op, Iceland, Morrisons, Sainsbury’s, Waitrose, convenience chains and independents. Today the group has 20,000 grocery partners globally, with 8,000 of them in the UK. It has also made moves into quick commerce through its Deliveroo Hop service, and non-food with tie-ups with Screwfix, Ann Summers, Boots and The Perfume Shop.
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