The entrepreneur behind Deliveroo, Will Shu, is reportedly considering stepping down as CEO of the company he founded in 2013. According to sources familiar with the matter, Shu, who has been instrumental in transforming Deliveroo into one of the UK’s most prominent consumer technology businesses, could hand over the reins to a new chief executive as early as this year. The news comes as Deliveroo’s board, chaired by Claudia Arney, explores various succession plans. Among the internal candidates, Carlo Mocci, the company’s chief business officer, is said to be a leading contender to take over the role. However, Deliveroo’s board has not yet made a final decision, and other scenarios, including Shu remaining in his position for a longer period, are also under consideration. The company has reportedly engaged at least one executive search firm to assist with the transition process, but no public announcement is expected anytime soon.
Shu’s potential departure marks a significant moment in Deliveroo’s history. Since founding the company nearly a decade ago, Shu has played a pivotal role in shaping its trajectory. Notably, he even participated in the delivery service himself during its early days, demonstrating his hands-on approach to building the business. Under his leadership, Deliveroo has expanded from a small startup to a household name, employing thousands of people and partnering with major restaurant brands like McDonald’s, PizzaExpress, and Wagamama. Beyond food delivery, Shu has also spearheaded the company’s diversification into grocery delivery, collaborating with prominent UK retailers such as the Co-op, Sainsbury’s, and Waitrose. His tenure has not been without challenges, however. Deliveroo has faced criticism over its treatment of gig economy workers, who have argued that they lack adequate employment rights.
Despite these challenges, Shu’s leadership has helped Deliveroo attract significant investor attention. The company remained privately held for much of its first decade, drawing investments from major tech players. In 2019, Amazon made a notable move by acquiring a substantial minority stake in Deliveroo, a deal that raised eyebrows among competition authorities but was ultimately approved in 2020. Speculation at the time suggested that Amazon might be laying the groundwork for a full takeover, but such a move never materialized. Instead, Deliveroo opted to go public in 2021 with an initial public offering (IPO) in London. The IPO, however, was widely criticized as one of the worst in history. Initially valued at 390p per share, giving the company a valuation of £7.6 billion, Deliveroo’s stock debuted at 284p and has since faced volatility.
In recent months, rumors have swirled about a potential takeover of Deliveroo by an international suitor. One notable development was the sale of a 4.5% stake in the company by Berlin-based Delivery Hero last year, which fetched roughly £77 million. More recently, speculation has centered on Doordash, the U.S.-based food delivery giant, as a possible bidder. The removal of a so-called “golden share” held by Shu, which had provided protection against unwanted takeovers at the time of the IPO, has further fueled such rumors. As of late, Deliveroo’s shares were trading at around 138.5p, giving the company a market capitalization of approximately £2.13 billion. Despite the volatility, the stock has seen a 15% increase over the past year.
A spokesperson for Deliveroo has since responded to the media rumors, stating that there are no immediate plans for Shu to step down. The spokesperson emphasized that Shu remains fully committed to the company’s long-term vision, focusing on delivering value for consumers, merchants, and riders alike. This statement suggests that Shu may continue to play a key role in shaping Deliveroo’s future, even as the company explores succession planning options.
In summary, while Will Shu’s potential departure as CEO of Deliveroo marks an important chapter in the company’s evolution, his impact on the business cannot be overstated. From its humble beginnings to its current status as a major player in the UK’s food delivery and grocery market, Deliveroo’s success is deeply tied to Shu’s entrepreneurial spirit and leadership. As the company navigates the complexities of succession planning and potential takeover bids, one thing remains clear: Deliveroo’s future will continue to be shaped by the vision and strategies put in place during Shu’s tenure. Whether Shu remains at the helm or transitions into a new role, his legacy as a pioneering figure in the UK tech scene is already secure.
