Meal delivery company Deliveroo said its chief executive, Will Shu, has no plans to step down from his role, after Sky News on Tuesday reported the possibility.
“In response to rumours in the media, the company confirms that there are no plans for Will to step down," a Deliveroo spokesperson told Reuters in an emailed statement.
Shu co-founded the business in 2013 with his childhood friend Greg Orlowski, according to the company's website. He owns more than 6% of Deliveroo, making him the third largest shareholder, according to LSEG data.
US meal delivery group Doordash expressed interest in a takeover of the British firm in early 2024, Reuters reported exclusively in June.
In January, Deliveroo said it had 'robust' growth in its final quarter, with gross sales on its platform up 7%, driven by more orders and increased spending, and said its full-year earnings would be towards the top of its forecast.
The British company said adjusted core earnings were expected to be towards the top end of its £110-130 million (€130-€188 million) range, adding that it would be free cash flow positive for the year, in line with its guidance.
“I’m proud of our progress in 2024 as we continued to strengthen our consumer value proposition," said Will Shu. "We enhanced our loyalty programmes, delivered strong growth in grocery and secured new partnerships to expand our retail selection, enabling us to bring even more of the neighbourhood to consumers’ doors. Our continued execution has driven improved frequency and retention in Q4, with order growth improving throughout the year in UKI."
Article by Reuters, additional reporting by Hospitality Ireland.
