Deliveroo has denied its boss Will Shu is preparing to step down as CEO of the company after reports suggested he could leave before the end of the year.
Chief Business Officer Marco Mocci has been tipped as the leading candidate to replace Shu, according to a report by Sky News. One scenario under discussion by Deliveroo’s board involves Shu leaving the role in the autumn, Sky said, though under possibilities are under consideration in which he may stay in his current role for longer.
Deliveroo has not formally announced any succession plans, though a recruitment agency is understood to have been engaged to scout possible replacements.
A spokesperson told UKTN: “In response to rumours in the media, the company confirms that there are no plans for Will to step down.
“Will remains relentlessly focused on the long term future of Deliveroo and delivering for consumers, merchants and riders.”
The reports come just months after Deliveroo reported its first-ever profit in a major milestone for the London-based business three years after its troubled IPO.
The firm’s interim results showed a small profit of £1.3 million for the first six months of 2024, turning round a first-half loss of £82.9 million for the previous year, as well as its first period of cash flow positivity.
Shu, 45, founded Deliveroo in 2013 with childhood friend and software engineer Greg Orlowski. He controls a stake in the London-listed business thought to be worth around £150m.
Following an investment by Amazon, Deliveroo’s 2021 IPO was widely regarded to be among the worst of the year, with the stock now at roughly a third of the value it fetched not long after its flotation. The shares have risen by 15% over the past year.