Joel Sng, CEO of grocery delivery startup honestbee has stepped down from his role. The grocery delivery startup announced this development.
The startup named Brian Koo, founding managing partner of Formation Group, as their interim CEO.
The move is part of an "ongoing strategic review of our business", a honestbee spokesperson said in a statement. "Brian will bring his passion for our mission to his new role," the spokesperson added.
"He will take the lead and work with the current team to ensure that honestbee is in the best possible position to support the business in Singapore and other geographies going forward."
In an email to the employees, the outgoing CEO had reportedly named a new management team: Roger Koh as Chief Financial Officer, Victor Chow as Chief Operating Officer, co-founder Jonathan Low as Chief Technology Officer and Varian Lim as Chief of Staff.
Sng was said to have written in the email that it was time for him to "make way for someone who can bring our company to the next level".
In honestbee's statement, Sng expressed confidence in Koo's leadership: "Brian has been our earliest supporter and a key investor. He was also instrumental in helping us define honestbee's purpose and mission from day one."
The company also stopped its services in the Philippines and Japan, along with certain partnerships in other markets.
Image Courtesy- CNA