(Bloomberg) -- Gopuff is appointing Panera Brands Inc. executive Ted Stedem as chief financial officer, bolstering the delivery startup’s leadership ranks as part of a push to become profitable, according to people familiar with the matter.
Stedem was most recently CFO at Panera Brands, which owns its namesake chain and Einstein Bros. Bagels. Before that, Stedem worked at WeWork Inc. as global head of business planning and financial operations prior to a failed initial public offering there. He also served as CFO at Yum! Brands Inc.’s China business. He will officially start at Gopuff on Aug. 22, people familiar with the plans said, asking not to be identified as the information is not yet public.
A spokeswoman for Gopuff declined to comment. Stedem did not respond to a request for comment.
The appointment comes a month after Gopuff announced a second round of layoffs, cutting 10% of its global workforce and closing dozens of warehouses to preserve cash. Gopuff was valued at $15 billion last July and generated just under $2 billion in revenue in 2021. It was one of the first technology companies to reduce employee count when volatility began to spike earlier this year and shelved plans to go public in 2022.
Stedem’s background lends valuable financial experience to Gopuff at a time when investors are scrutinizing the economics of rapid delivery. His hire coincides with the startup’s efforts to become a profitable company and signals its ambitions of eventually going public are still in play. Gopuff’s second-quarter sales grew 60% compared with a year ago, according to people familiar with the company’s finances.
Earlier this year Gopuff hired Amazon.com Inc. veteran Maria Renz to run its North America business and also brought on former Walt Disney Co. Chief Executive Officer Bob Iger as an adviser and investor.
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