Why did Matt Maloney leave Grubhub?

Matt Maloney, the co-founder and CEO of Grubhub, announced his departure from the company on Thursday, August 2. Maloney said in a statement that he is “moving on to pursue other opportunities.”

Grubhub is an online and mobile food ordering and delivery company with over two million customers. Maloney co-founded the company in 2004 with his brother, Chris, and investor Sean Ellis.

According to The Wall Street Journal, Grubhub’s growth has been slowed by increased competition from delivery startUPS like DoorDash and Uber Eats. The Journal also reports that Grubhub has been trying to grow its e-commerce business.

Maloney was reportedly paid $24.9 million in 2016, the last year for which figures are available.

Grubhub’s stock price has fallen since news of his departure broke, dropping 3.9% on Thursday.

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