- DoorDash will promote CFO Prabir Adarkar to COO and president and Ravi Inukonda, VP of finance and strategy to CFO, effective March 1, the company said Thursday.
- Current COO and president Christopher Payne, who has been with the company for over seven years, will remain with DoorDash as an advisor until the end of May at which point he will retire, according to a press release.
- Adarkar and Inukonda joined DoorDash from Uber in 2018 and helped the delivery firm launch multiple businesses globally, reach market dominance in the U.S. and grow sales over seven times while improving unit economics, CEO and co-founder Tony Xu said in a shareholder letter.
Adarkar and Inukonda start their new positions as DoorDash moves toward improved margins with its U.S. restaurant marketplace and other areas of investment. In the fourth quarter, the company said it had positive variable profit within its convenience category. In the U.S. DoorDash’s marketplace gross order volume increased 29% to $14.4 billion during the fourth quarter, according to the shareholder letter. The company saw significant growth in non-restaurant categories, such as grocery and convenience business, last quarter. Its grocery business, for example, grew 100% year-over-year in both Q3 and Q4, Adarkar said during the company’s earnings call.
Revenue was also up 40% to $1.8 billion during the last quarter. While GAAP net loss increased to $642 million during the quarter, from a loss of $296 million in the third quarter. Adjusted EBITDA improved to a positive $117 million.
The company ended the year with an improved customer experience, lowering its average delivery times by 10%, reductions in extreme lateness, better site reliability and the addition of several categories. The company also reduced average transaction fees per order by over 8%, according to the shareholder letter.
“Each of these had a tangible impact on the consumer experience, which we believe contributed to our growth and share gains through the year,” Xu said in the letter.
Before joining DoorDash, Adarkar was head of strategic finance for three years at Uber. He also worked at Goldman Sachs and McKinsey & Company, according to his LinkedIn profile.
Inukonda has experience in financing and strategy as well as M&A and investing. Prior to joining DoorDash, he was head of finance at Uber Eats for three years. He also held positions at Accel-KKR and Goldman Sachs, according to an SEC filing.