Instacart Hires Nick Giovanni for CFO Post
January 8, 2021
Instacart has appointed Nick Giovanni as Chief Financial Officer,
effective January 27, 2021. Giovanni will oversee finance, accounting
and corporate development for the Company, and will report directly to
Founder and Chief Executive Officer Apoorva Mehta. Giovanni will succeed
current CFO Sagar Sanghvi and the two will be partnering together to
ensure a seamless transition.
Nick Giovanni, Incoming CFO, Instacart
"We want to thank Sagar for all of his contributions
to Instacart over the last five years. During his time at the company,
Sagar helped us navigate some of our biggest business milestones while
significantly strengthening our financial profile. From building up our
financial rigor to helping us successfully scale our business during a
year of unprecedented growth, I'm proud of how Sagar and our talented
teams effectively managed triple-digit surges in customer order volume,
doubled the size of our shopper community and expanded our marketplace
to welcome hundreds of new retailers," said Mehta.
"As we look ahead, Nick's finance experience, operational discipline,
and deep understanding of complex marketplaces like ours will be
instrumental to Instacart. He's regarded as one of the most respected
and accomplished technology and internet investment bankers, and he's
played a pivotal role advising some of the world's most prolific
companies, founders and management teams as they've scaled from being
private companies to global leaders. For years, Nick has served as a
trusted advisor to Instacart, supporting our business as we've grown to
become the North American leader in online grocery. We're excited to now
welcome him as our new CFO, where he'll help steer Instacart's next
chapter of growth and strengthen our position as an essential service
for consumers, shoppers and partners," Mehta continued.
Before joining Instacart, Giovanni spent more than 20 years at Goldman
Sachs where he advised clients on hundreds of financing, strategic and
investing transactions, including some of the largest financial
transactions and public offerings of the last two decades for companies
such as Airbnb, DoorDash, Square, Twitter, Snap, Dropbox, Yelp, Zynga,
eBay, Meituan and Baidu, as well as direct listings for Spotify and
Slack. He also worked on several high-profile M&A deals at Goldman Sachs
that helped reshape industries, including Slack's sale to Salesforce,
Credit Karma's sale to Intuit, Spotify's acquisition of podcast
properties, Skype's sale to Microsoft and Zillow's purchase of Trulia.
Giovanni joined Goldman Sachs in 1998 and most recently served as Head
of the Global Technology, Media and Telecom Group. He was also a member
of Goldman Sachs' Investment Banking Division Executive Committee and
its Investment Banking Division Growth Investing Committee. During his
tenure at Goldman Sachs, Giovanni held a number of roles with the
company across its offices in New York, Tokyo, Hong Kong and San
Francisco.
"Our
family has relied on Instacart for years and I'm thrilled to join the
team during such a unique time for the company. Instacart is helping to
bring the grocery industry online for consumers, retailers, advertisers
and shoppers," said Giovanni. "It's been particularly impressive to
watch Instacart successfully scale its operations and technology over
the last year during a period of unprecedented growth. Apoorva and the
talented management team have built a lasting business in a massive
market that's poised for continued online growth. I look forward to
partnering with them as we focus on delivering long-term value for our
customers, shoppers and partners."
Instacart today partners with more than 500 national, regional and local
retailers, including unique brand names, to offer delivery and pickup
services from nearly 40,000 stores across more than 5,500 cities in
North America. Instacart is available to 85% of U.S. households and 70%
of Canadian households.
