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Deliveroo CEO Will Shu.

Aurelien Morissard | IP3 | Getty Images

LONDON — Deliveroo CEO Will Shu is set to step down from the food delivery company he co-founded over a decade ago.

Shu, who established Deliveroo in 2013 with childhood friend Greg Orlowski, said Thursday that he will step down as CEO after its takeover by U.S. rival DoorDash is completed.

DoorDash announced its deal to buy the British online takeout platform in May. The acquisition values Deliveroo at £2.9 billion ($4 billion).

“I have decided that now is the right time for me to step down,” Shu said in a statement Thursday. “Taking Deliveroo from being an idea to what it is today has been amazing.”

“Today the Company’s growth and profitability are accelerating and we are delivering on our mission to transform the way people shop and eat, but after 13 years I want to contemplate my next challenge,” Shu added.

Deliveroo said that its acquisition by DoorDash “continues to progress as anticipated” and is expected to close on Oct. 2 following a scheduled Sept. 30 court hearing to sanction the deal.

Once it closes, the takeover will represent an end to Deliveroo’s tumultuous time in the public markets.

Deliveroo saw its shares plunge 30% in 2021 on the day of its initial public offering, dealing a significant blow to London’s ambitions to compete with New York for more high-profile tech listings.

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