British food delivery company Deliveroo announced on Thursday that founder and Chief Executive Officer (CEO) Will Shu will step down after the acquisition by U.S. rival DoorDash takes effect.

In May this year, American food delivery company DoorDash agreed to acquire Deliveroo, valuing the British competitor at approximately £2.9 billion ($3.96 billion USD). DoorDash hopes to leverage the combined business coverage and local operational experience from the merger to address market competition.

"I think now is the right time for me to step down," said Shu, who co-founded Deliveroo in 2013 with childhood friend Greg Orlowski.

The court hearing to approve the acquisition transaction is expected to be held at the end of this month, with the deal scheduled to officially take effect on October 2.

Additionally, once the transaction takes effect, non-executive board members including Claudia Arney, Peter Jackson, Karen Jones, Rick Medlock, Shobie Ramakrishnan, Tom Stafford, and Dominique Reiniche will also step down.