Instacart Names New Chief Financial Officer Nick Giovanni
SAN FRANCISCO, CA - This week is a week of many new leaders joining the ranks of grocery partners. This time around, Instacart has announced it has found its new Chief Financial Officer in Nick Giovanni, who will oversee finance, accounting, and corporate development for the company.
"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 [Mehta] 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.”
Before he stepped into his new role with Instacart, Giovanni spent more than 20 years at Goldman Sachs. He has helped advise companies such as Airbnb, DoorDash, and Twitter, to name but a few. His most recent position at Goldman Sachs was 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.
"As we look ahead, Nick's finance experience, operational discipline, and deep understanding of complex marketplaces like ours will be instrumental to Instacart," Founder and Chief Executive Officer Apoorva Mehta remarked. "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."
In his new role, a press release explained, Giovanni will report directly to Mehta. He will succeed current CFO Sagar Sanghvi, and the two will be partnering together to ensure a seamless transition.
Mehta continued, adding that, "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."
Congratulations to Nick Giovanni on this new role. Please keep reading us here at AndNowUKnow as we cover the latest appointments in the grocery sector.