Instacart poaches top Facebook executive as new boss
US grocery delivery giant Instacart has tapped one of Facebook’s most senior executives as its new boss ahead of a potential stock market float.
Instacart today announced that Fidji Simo will take over as chief executive from Apoorva Mehta, who will take on the role of executive chairman and still be involved in day-to-day activities.
French-born Simo is currently head of Facebook’s app and is one of the tech giant’s most senior bosses after chief operating officer Sheryl Sandberg and chief business officer Marne Levine.
Her appointment comes at a key time for the startup, which is gearing up for an expected stock market debut in the US.
“We’re here to build a long-term business over the next few decades,” Simo, who takes the helm early next month, told Reuters.
“Facebook’s IPO was just a moment in time and what happened afterward was really what mattered, which is delivering a lot of value to people and that is really what I am going to be focused on.”
Instacart, which was founded in 2012, saw its business grow fourfold last year as the outbreak of the pandemic sparked a surge in demand for its online grocery services.
The company is reportedly looking to go public through a direct listing — the same method used in Wise’s London listing this week — following a funding round that valued it at $39bn.
Simo said she planned to use her Big Tech experience to expand Instacart’s advertising business, aiming to boost revenue from consumer-packaged goods companies promoting their products on its app.
The focus on new revenue streams comes as Instacart faces a potential slowdown in demand as people begin to return to brick-and-mortar stores.