honestbee co-founder and CEO Joel Sng steps down

The position will be taken over by investor, Brian Koo.

Online grocery firm honestbee has confirmed that its co-founder and CEO Joel Sng has stepped down following reports of a cash crunch that has reportedly prompted the firm to suspend its business in Hong Kong, Japan, Indonesia and the Philippines.

In a statement from an honestbee spokesperson, the move is part of “an ongoing strategic review of our business”.

Brian Koo, who is the grandson of electronics firm LG’s founder, has been assigned as the interim CEO and is said to conduct an in-depth review of the business.

“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. I am confident that he would be able to bring the company to the next level, supported by the newly-appointed executive team comprising key leaders of our organisation,” Sng said.