A year ago, Instacart co-founder Apoorva Mehta resigned as executive director grocery delivery unicorn and assumed the position of executive chairman. Now that the company he founded nearly a decade ago is preparing for an IPO, Mehta says he will step down as executive chairman and leave the board of directors as soon as the company goes public.
“Since I moved from CEO to Executive Chairman a year ago, I have realized that I want to pursue a new mission and I want to do so with the same special focus that I had when creating Instacart,” Mehta tweeted. “Getting off the board will allow me to do just that.”
Instacart confirmed the news in a press release and revealed that Fiji Simo, a former Facebook chief executive who took over as CEO of Instacart following Mehta’s departure, will become the future executive chairman of the board.
Simo tweeted Mehta’s announcement and thanked him “for everything he’s done for Instacart over the past decade.” In a press release, she said that “as CEO and future chairman, I look forward to working with our retail partners to shape the next decade of grocery store evolution.”
Instacart says its board of directors includes “Meredith Kopit Levien, President and CEO of The New York Times Company; Lily Sarafan, co-founder and executive chairman of TheKey; Barry McCarthy, President and CEO of Peloton; Daniel Sandheim, founder and chief investment officer of D1 Capital Partners; Frank Slutman, Chairman and CEO of Snowflake; Michael Moritz, Managing Member of Sequoia Capital; and Jeff Jordan, general partner of Andreessen Horowitz.”
Founders often move into the role of executive chairman as their companies grow, roll out, or need new leadership as the business transitions from a private start-up to a public company. Think of transition as moving from being involved in day-to-day decisions to overseeing the broader strategy from time to time. Mehta’s plan to step down from his now-distant position could mean there’s a competitive dynamic going on between Instacart and his “new mission” he mentioned. Instacart did not address issues related to in-game competitive dynamics. Mehta’s departure could also just be a complete breakthrough after rising tensions between him and the board he once appointed.
Instacart clearly has some sort of personnel change. Earlier, CTO Mark Schaaf is leaving the company, according to TechCrunch. In addition, the American grocery delivery giant recently promoted Daniel Dunker and Laura Jones, VPs of Product and Marketing, to Chief Product Officer and Chief Marketing Officer, respectively. Instacart has also appointed its VP of Engineering, Varuj Chitilian, to the position of CTO.
Credit: techcrunch.com /