Just more than a year after he moved out of the CEO position, Apoorva Mehta announced on Twitter that he will be leaving Instacart once the company goes public.
“Since I transitioned from CEO to executive chairman a year ago, I realized that I want to pursue a new mission and I want to do it with the same singular focus that I had while building Instacart,” Mehta tweeted. “Stepping off the board will allow me to do just that.”
Taking over as chair of the board of governors is Fidji Simo, who joined the company as CEO in July 2021 from Facebook. She confirmed the move with a quote tweet of Mehta.
“Big thanks to @apoorva_mehta for all he has done for Instacart over the last decade! Proud to be stepping into this role as future chair of our board,” Simo wrote.
You can read Instacart’s full press release here.
It has been a busy few months for the grocery unicorn. In May it filed with the Securities and Exchange Commission to go public after proactively slashing its own valuation by almost 40% in recognition of its revenues normalizing following a pandemic windfall. In June, the company celebrated its 10th birthday and earlier in July, the C-suite underwent a reshuffling of sorts before this latest announcement from Mehta.
Simo will lead of board that includes Meredith Kopit Levien, president and chief executive officer of The New York Times Company; Lily Sarafan, co-founder and executive chair of TheKey; Barry McCarthy, president and chief executive officer of Peloton; Daniel Sundheim, founder and chief investment officer of D1 Capital Partners; Frank Slootman, chairman and chief executive officer of Snowflake; Michael Moritz, managing member of Sequoia Capital; and Jeff Jordan, general partner of Andreessen Horowitz.