Instacart Names New CFO

Instacart has promoted Emily Reuter, previously its VP of finance, to the role of CFO. After more than three years in the key financial position, CFO Nick Giovanni has decided to retire.

“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,” wrote CEO Fidji Simo in a company blog post. “Nick, on behalf of all of us, thank you for the work you’ve done to create value for all of our stakeholders.”

Meanwhile, Reuter joined Instacart six months ago. She previously spent nearly a decade at Uber, where she was CFO of Uber’s multibillion-dollar Mobility (Rides) division, and, most recently, held the role of head of corporate finance for the whole organization. According to Simo, Reuter 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," wrote Simo. "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.”

For its first quarter ended March 3, Instacart delivered gross transaction volume (GTV) growth above the high end of its guidance and street expectations. The grocery tech company also delivered strong GAAP net income, adjusted EBITDA and operating cash flow. 

San Francisco-based Instacart partners with more than 1,500 national, regional and local retail banners to facilitate online shopping, delivery and pickup services from 85,000-plus stores across North America on the Instacart Marketplace.