12:42 PM EDT, 05/28/2025 (MT Newswires) -- Instacart (CART) said Wednesday that it named Chris Rogers as the company's next chief executive, succeeding Fidji Simo, who is leaving to take a role at Microsoft ( MSFT )-backed (MSFT) OpenAI later this year.

Rogers, who currently serves the online grocery delivery company's chief business officer, will transition to the CEO role, effective Aug. 15.

He joined Instacart in 2019 after spending nearly 11 years at Apple ( AAPL ) , where he most recently served as managing director for Canada.

"We're building a generational company at the intersection of technology and food, and (Rogers) is the right leader for our next chapter," said Simo, who will continue to chair of the Instacart board even as she steps down as CEO.

Earlier this month, OpenAI announced the appointment of Simo as CEO of applications. "She will transition from her role at Instacart over the next few months and join OpenAI later this year," OpenAI CEO Sam Altman said at the time.

Instacart said on May 1 that its first-quarter net income fell to $0.37 a share from $0.43 a year earlier, below the $0.38 consensus on FactSet. Revenue for the March quarter rose 9% to $897 million, but narrowly missed analysts' $897.5 million estimate.

Instacart said in a Wednesday US Securities and Exchange Commission filing that its board increased the size of the company's stock buyback program to up to $1 billion from the previously-authorized $750 million.

The stock was flat intraday, and has risen 14% so far this year.

Price: 47.16, Change: +0.11, Percent Change: +0.23