Monday 9th April 2018
|Text too small?|
My Food Bag founders Cecilia and James Robinson have stepped down from their joint chief executive role at the Kiwi home delivery meal company, and say a new head will be announced shortly.
The company has delivered about 40 million meals since launching its weekly home delivery meal kit service in 2013, and estimates it is New Zealand's third-largest food retailer behind the country's two dominant supermarket chains, Foodstuffs and Countdown. The Robinsons said a succession plan for their exit has been in place since last year, after Auckland private equity investor Waterman Capital bought into the business in 2016 with an eye to developing it into a publicly listed company. Its value at the time was estimated at $120 million and company records show Waterman owns 70 percent of MFB Ltd.
"As founders, we are looking forward to entering this next phase and adding a new CEO who will drive our purpose and continue My Food Bag's growth," Cecilia Robinson said in a statement.
My Food Bag is fronted by celebrity chef Nadia Lim and backed by former Telecom chief executive Theresa Gattung and Saatchi & Saatchi chairman Kevin Roberts. In the past year it launched a new weight loss product and also entered the 'ready-to-eat' meal category. The company is benefiting from demand for food convenience and healthy living, and is facing increased competition from its supermarket rivals and new startups.
No comments yet
NZ dollar falls after RBA governor flags potential rate cut
ASB reviews ownership of Aegis
Auckland Airport kicks off next phase of expansion
Cashed-up Plexure eyes acquisitions to accelerate growth as loss shrinks
Tower turns to 1H profit, lifts FY guidance
IRD should have doubled claim against Watson's Cullen Group - Professor
Investore FY profit falls 16% on smaller valuation gain, signals flat dividend for 2020
Synlait receives cease and desist letter regarding Pokeno plant
21st May 2019 Morning Report
NZ dollar steady ahead of central bank speeches