Dive Brief:
- Instacart promoted Emily Reuter to the role of CFO after tapping her to serve as vice president of finance early this year, the on-demand grocery delivery company said Wednesday.
- Reuter replaces Nick Giovanni, who is retiring, according to a blog post penned by Instacart CEO Fidji Simo. Before joining Instacart as vice president of finance in January, Reuter spent nearly a decade at Uber, where she served in various finance-related posts, including as CFO of the mobility division.
- “She has a well-earned reputation for driving methodical, profitable growth on a massive scale,” Simo said in the blog post.
Dive Insight:
During a Wednesday earnings call, Reuter said the company remains “relentlessly” focused on deepening its leadership position in the market, investing in new technologies and cultivating its partnership with Uber.
“While we don't expect these new growth initiatives to materially impact our financials in Q2, we believe that they have the potential to drive more value to consumers and growth to our retail and brand partners over time,” she said.
Reuter, 40, will earn a base salary of $500,000 annually in her new role, Instacart said in a Securities and Exchange Commission filing.
Giovanni will continue to support the company and assist with the transition of his duties through July 1, the filing said.
Instacart, which went public in September and is incorporated as Maplebear Inc., also announced Wednesday that it generated $820 million in revenue during the first quarter, an 8% increase year over year. The company said it brought in nearly 73 million orders, a 9% jump compared with the year-earlier period, and its gross transaction volume rose 11% to over $8.3 billion.
“While Emily’s job will be to help take Instacart to new heights, she’ll start with an extremely strong foundation,” Simo said in her blog post. “In Q1, we delivered GTV growth above the high end of our guidance and street expectations.”
