2 Minutes Read (Reuters) – On Thursday, Instacart recruited Facebook Inc app head Fidji Simo as its chief executive officer, bolstering the company’s large tech credentials ahead of its planned stock market debut. Simo, who was born in France, will succeed co-founder Apoorva Mehta, who will continue to be involved in day-to-day operations as executive chairman. Simo’s hiring comes at a critical time for the nine-year-old startup, as anticipation grows for its public debut after a year in which its business quadrupled because to the pandemic-driven increase in online grocery shopping. Simo, who takes over as CEO early next month, told Reuters, “We’re here to establish a long-term business over the next few decades.” “The IPO of Facebook was really a flash in the pan, and what happened later was really what mattered, which is delivering a lot of value to people, and that is exactly what I am going to be focused on.” Instacart was exploring going public with a direct listing, according to Reuters, just days after a capital round valued the business at $39 billion. Mehta declined to comment on which option the firm was exploring for going public, but said Simo’s expertise at Facebook during the social media giant’s transition to a public company in 2012 was a crucial factor in her selection. “I’m delighted about Fidgi’s expertise as a public market CEO at such a rapidly growing company,” he said. Simo aims to use her knowledge to expand Instacart’s advertising business, with the goal of increasing revenue from CPG firms promoting their products on the app. Instacart is focusing on alternative revenue streams as it faces new obstacles, such as a probable decrease in delivery demand as people return to stores. Uday Sampath contributed reporting from Bengaluru, and Aditya Soni edited the piece./n
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