Next CEO Lord Simon Wolfson steps down from Deliveroo board
Next CEO Lord Simon Wolfson has stepped down from his role as non-executive director at Deliveroo just 18 months after taking up the position.
Wolfson said he felt he could no longer dedicate the time the role required, saying in statement: "After much consideration, and with regret, I believe that the time required to continue in my role at Deliveroo is no longer compatible with my executive and other commitments.
"I have enjoyed my time working with [Deliveroo CEO Will Shu], the executive team and my Board colleagues over the past 18 months and wish the Company all the best for the future."
Deliveroo chair Claudia Arney added: "Simon has played a key role in supporting the Company in its first year as a public company. His experience, advice and guidance have helped to navigate an unprecedented trading environment and to build solid foundations to capitalise on the opportunities ahead of us. On behalf of the Board I would like to extend our sincere thanks for his important contribution."
Wolfson joined the board of the fast-growing delivery service in January 2021, just after it had raised $180 million (£147 million) in a Series H funding round, valuing the business at that time at $7 billion (£5.72 billion).
The business then floated in London in April, hoping for a valuation of £8.8 billion but, while the float was one of the biggest in recent history, it was also one of the most disappointing with an initial valuation of £7.6 billion placed on the business by investors. Shares slumped further still when trading began. Just a few days after its float it was valued at £5.26 billion.
News of Wolfson's decision to leave comes as the business posted widening losses of £147m in the first six months of this year, as the cost of living crisis dampened demand for takeaway food, which is a mainstay of Deliveroo's business.