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Honestbee CEO and cofounder Joel Sng has stepped down from his position, making way for Brian Koo who is part of the family that controls South Korea's LG. LG is one of the largest company in South Korea. It oversees US-headquartered investment fund Formation Group, a key investor and shareholder in honestbee.
Mr Koo wrote in an e-mail to the company that he will be working with his executive team to conduct an in-depth review of the business. Mr Sng said that Mr Koo was Honestbee’s earliest supporter and investor. Mr Koo founded an investment company Formation 8, which led to honestbee’s $15 million Series A round in 2015.
Mr Sng also wrote that it was time for him to "make way for someone who can bring our company to the next level". Earlier this week, honestbee suspended its operations in Hong Kong, Indonesia, Thailand, Japan and the Philippines.
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