One of Deliveroo’s top executives is set to depart from the company while the board discusses succession plans for founder and CEO, Will Shu.
Sky News has learned that Eric French, the chief operating officer of the food delivery service since 2021, has informed colleagues of his intention to step down later this year.
Although his departure has not yet been officially announced internally.
French joined Deliveroo in January 2021 after a 15-year tenure at Amazon in various senior positions.
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His most recent role at the US-based internet giant – which acquired a stake in Deliveroo in 2019 – was as vice-president of its US consumables business, overseeing household, beauty, baby, and grocery categories.
Sources indicate that his decision to leave Deliveroo is unrelated to ongoing discussions within the company’s board about Will Shu’s succession planning.
Sky News reported on Tuesday that the board had begun actively discussing the potential timing of Shu’s departure, considering the possibility of him stepping down towards the end of the year.
Carlo Mocci, Deliveroo’s chief business officer, is seen as the leading internal candidate to replace Shu upon his exit.
Deliveroo responded to the story by stating that there are “no current plans for Will to step down.”
“Will remains fully committed to the long-term future of Deliveroo and ensuring success for consumers, merchants, and riders,” the company stated.
Will Shu. Pic: AP
Insiders have described the statement as ‘a non-denial denial’ and confirmed that headhunters are involved in CEO succession planning at Deliveroo, which partners with Pizza Express and Waitrose for deliveries.
Shu co-founded the company in 2013 and has emerged as a prominent business leader in the UK, leading a company with a large workforce.
Despite a decline in its stock market value since its IPO in 2021, Deliveroo stands as one of the UK’s significant consumer technology achievements in recent years.
The company has faced challenges, notably regarding its treatment of gig economy workers and their employment rights.
Rumors of a potential acquisition offer from an international company have circulated in recent months surrounding Deliveroo.
Delivery Hero, based in Berlin, sold its 4.5% stake in Deliveroo last year for about £77m, but speculations now focus on Doordash, the American takeaway delivery service.
The golden share held by Shu that was implemented at the time of its IPO expired last year, removing the company’s protection against unwanted bids.
As of Wednesday, Deliveroo shares were trading at approximately 139.8p, giving the company a market capitalization of around £2.15bn.
The stock has seen a rise of about 15% over the past year.
In response to an inquiry from Sky News, a Deliveroo spokesperson explained: “Eric first mentioned to Will his intention to move on in the autumn of last year as part of Eric’s plans to relocate to the US.
“Eric has contributed to the company for over four years, expanding the grocery business and playing a pivotal role in achieving key financial milestones.
“Will and Eric continue to collaborate closely and are fully focused on company growth, ensuring a seamless transition. Eric will be with Deliveroo until the summer.”