Deliveroo founder and chief executive Will Shu has announced he will step down from the role after 13 years at the helm, as the company prepares to be acquired by DoorDash in a deal valued at £2.9 billion.

Shu, who co-founded the London-based food delivery platform in 2013, confirmed he will remain in post until the transaction is finalised, expected on Thursday 2 October.

"I have decided that now is the right time for me to step down as CEO of Deliveroo," Shu said in a statement. “I’m super proud of everything we have achieved together. Today, Deliveroo is delivering on our mission to transform the way people shop and eat. After 13 years, however, I want to consider my next challenge.”

Reflecting on his early years at the company, Shu noted that he worked as a rider during Deliveroo’s first year of operations, and continued to make deliveries regularly. He paid tribute to the workforce, adding: “You have helped to make Deliveroo what it is today, making an extraordinary contribution every day in your local communities".

The takeover by US-based DoorDash is expected to strengthen Deliveroo’s position in the competitive food delivery sector.

Shu said the deal would also bring benefits for riders by boosting order volumes: “The acquisition will be good news for Deliveroo riders. DoorDash is one of the world's leading platforms in local commerce and we believe that, with them, Deliveroo will be better positioned to serve you, increasing your opportunity to earn through greater order volume.”