With Instacart''s new CEO, the company is tackling its ''big Achilles heel,'' experts say
Summary List Placement Fidji Simo is stepping into the top job at Instacart after a half-year stint on its board. The long-time Facebook executive will be leading the grocery delivery giant at a pivotal time. While the pandemic helped push Instacart''s business to new heights, online grocery shopping is slowing down as vaccinations rise. In 2020, Instacart added more than 200 new retailers and now delivers from more than 45,000 locations in North America. The company raised a fresh $265 million, doubling its valuation to $39 billion earlier this year, and stoked interest in its potential IPO. Analysts say Simo is bringing valuable experience managing a public company. But she will also have to confront a daunting question: What will Instacart look like post-pandemic? Simo is slated to replace CEO and founder Apoorva Mehta in August, Instacart said Thursday. Mehta plans to stick with the company as executive chairman of the board, according to a statement. Simo has spent the past decade at Facebook, most recently overseeing Facebook''s app at the tech giant.
With Instacart''s new CEO, the company is tackling its ''big Achilles heel,'' experts say
Summary List Placement Fidji Simo is stepping into the top job at Instacart after a half-year stint on its board. The long-time Facebook executive will be leading the grocery delivery giant at a pivotal time. While the pandemic helped push Instacart''s business to new heights, online grocery shopping is slowing down as vaccinations rise. In 2020, Instacart added more than 200 new retailers and now delivers from more than 45,000 locations in North America. The company raised a fresh $265 million, doubling its valuation to $39 billion earlier this year, and stoked interest in its potential IPO. Analysts say Simo is bringing valuable experience managing a public company. But she will also have to confront a daunting question: What will Instacart look like post-pandemic? Simo is slated to replace CEO and founder Apoorva Mehta in August, Instacart said Thursday. Mehta plans to stick with the company as executive chairman of the board, according to a statement. Simo has spent the past decade at Facebook, most recently overseeing Facebook''s app at the tech giant.