Instacart Names Emily Reuter as Chief Financial Officer

We’re excited to share that Emily Reuter will be the next CFO of Instacart. The move will be effective immediately following our Form 10-Q filing, which is expected later this week. Instacart CEO Fidji Simo shared more on the news with employees this morning. You can read that memo in full below.

Team, 

I’m excited to share that we are promoting Emily Reuter, who currently serves as VP of Finance, to be the next CFO of Instacart. This move will be effective immediately after we file our Form 10-Q later this week. After more than three years as CFO and countless contributions to the company, Nick has decided to retire at the end of the quarter.

I’m incredibly grateful to Nick, who brought a new level of financial rigor to the company, built a strong Finance org., and helped us navigate a successful public market debut after the longest tech IPO drought in history. Nick, on behalf of all of us, thank you for the work you’ve done to create value for all of our stakeholders.

When Nick and I started talking about his succession plan, we both agreed that the best CFO for Instacart’s next chapter should have extensive operating experience leading various finance functions at large companies in similar industries, and a proven track record of helping complex businesses scale. That’s why we hired Emily six months ago. She is undoubtedly the right CFO to help drive Instacart’s future.  

Before Instacart, Emily spent nearly a decade at Uber, where she served as CFO of Uber’s multi-billion dollar Mobility (Rides) division, and, most recently, as Head of Corporate Finance for the whole organization. She has a well-earned reputation for driving methodical, profitable growth on a massive scale. Her experience has given her a deep understanding of what it takes to lead teams with ambitious visions like ours in complex, ever-changing industries, and I am so excited to see the impact she’ll have here. Her partnership has already been invaluable as we work to increase our leadership position in online grocery, extend our in-store offering by bringing thousands of Caper Carts to grocery stores nationwide this year, and further scale our advertising business on-platform, off-platform, and in-store. 

While Emily’s job will be to help take Instacart to new heights, she’ll start with an extremely strong foundation. In Q1, we delivered GTV growth above the high end of our guidance and street expectations, which is a testament to all your hard work. At the same time, we continued to deliver strong GAAP net income, Adjusted EBITDA, and operating cash flow. As we’ve discussed, I’m incredibly bullish on the long-term value of the company and confident in our path ahead, which is why I’m particularly excited about the progress we’ve made with our share repurchase efforts. Through Q1, we’ve spent about $750 million at an average price of $28 per share.  

Later this afternoon, Emily and I will host Instacart’s Q1 2024 earnings call, where we’ll discuss our Q1 performance and Q2 guidance in more detail. 

Thank you again for another strong quarter — and another big congratulations to Emily and thank you to Nick! 

Fidji.

Fidji Simo

Author

Fidji Simo joined Instacart as CEO in August 2021, and has been a member of Instacart's Board of Directors since February 2021. She was appointed Chair in September 2023. Simo has spent 15+ years leading strategy and product development for some of the world’s leading businesses and consumer products. Prior to joining Instacart, Simo was the Vice President and Head of the Facebook App.