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3 Minutes, by Read (Source: 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. FILE PHOTO: Facebook’s Fidji Simo discusses the Facebook Dating app at the annual F8 developers conference in San Jose, California, on April 30, 2019. Stephen Lam/File/REUTERS Photo French-born Simo will succeed co-founder Apoorva Mehta, who will become executive chairman while continuing to be active in day-to-day operations, according to Instacart. Simo’s successor at Facebook will be Tom Alison, the company’s vice president of engineering, who has been with the company for more than a decade, according to a Facebook spokeswoman. Simo’s Instacart appointment comes at a critical time for the nine-year-old start-up, as the company prepares for its public debut after a year in which its business quadrupled due to the pandemic-driven rise in online grocery buying. 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 excited about Fidji’s expertise as a public market CEO in such a rapidly growing company,” he said. Simo will remain at Facebook until the end of July, according to the firm. In an emailed statement, Facebook spokesman Tom Williams said, “We’re grateful for Fidji’s great leadership over the past decade, and we wish her all the best in her future project.” 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. AdEditing by Aditya Soni and Dan Grebler; reporting by Elizabeth Culliford and Uday Sampath Kumar./nRead More

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