fbpx

Instacart’s Pandemic Blast Fades


Mr. Mehta told each company that he was talking to one of its biggest competitors so it had to act fast. However, the discussions did not go far. Other companies had concerns about price and antitrust scrutiny. Instacart declined to comment on previous deal talks. Reported by info.

At that time, tense discussions ensued between Mr. Mehta and a group of board members led by Michael Moritz, an investor from Sequoia Capital, four people with knowledge of the situation. Some of these people said conversations with DoorDash and Uber were part of those discussions. (Still, Instacart and Mr. Mehta said his departure was a voluntary act.)

Before Ms. Simo was appointed CEO in July, there was a brief discussion about making her and Mr. Mehta co-chairs, three people familiar with the situation said. This idea was quickly abandoned and Mr. Mehta became president. (The New York Times CEO, Meredith Kopit Levien, joined Instacart’s board of directors in October 2021.)

Carolyn Everson, a former Facebook executive who became president of Instacart in September, left the company after just three months — the most high-profile departure from the company, losing also its chief revenue officer and the person who was president before Ms. . One person familiar with the situation said that Ms. Everson was not happy because she spent most of her time working on the company’s relationships with market executives.

A person familiar with the business said Instacart’s business continued to grow amid the management turmoil, reaching $1.8 billion in revenue last year. But that was far from the quadrupling growth of 2020.

Grocery industry experts and some at Instacart have come up with the idea that the company should cut out groceries that might be more lucrative by opening their own warehouse of goods. Ms. Simo, however, was adamantly opposed to this move. Instead, it has tightened Instacart’s relationships with grocers, including Kroger, Publix, Wegmans, and Costco she.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

(0)