(Reuters) – British food delivery firm Deliveroo said on Thursday founder and CEO Will Shu will step down once its takeover by U.S. rival DoorDash takes effect.
U.S. meal delivery firm DoorDash in May agreed to buy Deliveroo in a deal valuing the British rival at about 2.9 billion pounds ($3.96 billion), banking on their combined reach and local expertise to take on competition.
“I have decided that now is the right time for me to step down,” said Shu, who founded Deliveroo in 2013, alongside his childhood friend Greg Orlowski.
A court hearing to approve the deal is expected to take place at the end of this month, with the deal set to become effective on October 2.
Other non-executive board members Claudia Arney, Peter Jackson, Karen Jones, Rick Medlock, Shobie Ramakrishnan, Tom Stafford and Dominique Reiniche would also step down once the deal is effective.
($1 = 0.7329 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Nivedita Bhattacharjee)
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