Instacart (CART) Announces New CEO after Fidji Simo’s Jump to OpenAI

Grocery delivery company Instacart, also known as Maplebear (CART), has named Chris Rogers as its new CEO. This comes shortly after current CEO Fidji Simo was appointed to lead the applications team at OpenAI. Rogers has been with Instacart since 2019 and will officially take over as CEO on August 15. He will also join the company’s board of directors. In addition, Simo will remain as board chair in order to help with the transition and said that Rogers is the right person to lead Instacart’s next chapter, as the company continues to grow and innovate in the grocery tech space.

For context, OpenAI recently announced Simo would report directly to CEO Sam Altman in her new role, which is to help scale the company’s application development. It is worth noting that Simo played a key role in taking Instacart public in 2023 after it grew rapidly during the pandemic. Simo said that Instacart not only kept the momentum it gained during COVID but also continued to grow in a sustainable and profitable way. As a result, she made CNBC’s 2024 Changemakers list.

On the other hand, before joining Instacart, Rogers worked at Apple for 11 years in various roles, such as Managing Director of its Canadian division. He started at Instacart as VP of Global Retail and later became Chief Business Officer. Rogers said that he is honored to lead Instacart into its next phase, and praised the company’s strong team, partnerships, and technology.

Is CART a Good Stock to Buy?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on CART stock based on 11 Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average CART price target of $51.47 per share implies 9.6% upside potential.

See more CART analyst ratings