AsianFin -- British food delivery firm Deliveroo announced on Thursday that founder and CEO Will Shu will step down once its acquisition by U.S. rival DoorDash is finalized.

DoorDash agreed in May to purchase Deliveroo in a deal worth about £2.9 billion ($3.96 billion), aiming to leverage their combined scale and local expertise to strengthen competitiveness.

“I have decided that now is the right time for me to step down,” said Shu, who co-founded Deliveroo in 2013 with his childhood friend Greg Orlowski.

A court hearing to approve the takeover is scheduled for the end of this month, with the deal expected to take effect on October 2.