SINGAPORE - Carousell co-founder Lucas Ngoo announced on Feb 15 that he would step down from managing day-to-day operations at the online marketplace.

In a post on professional networking platform LinkedIn, Mr Ngoo said that he will remain with Carousell in the capacity of co-founder and board director. He will also step in as an adviser when necessary.

“I continue to have full vested interests in the success of Carousell as a co-founder, board director and shareholder, and have full confidence in our business and leadership team,” he said.

Mr Ngoo has been with Carousell since its inception nearly 12 years ago, and was the platform’s chief technology officer until September 2019, when Mr Igor Volynskiy took over the role.

The decision to step away from Carousell is a personal one, with Mr Ngoo looking to take a break to learn new things such as artificial intelligence in biotech, healthcare and climate technology.

The move comes after Carousell laid off 110 employees in December 2022 and moved into a cheaper office as part of cost-cutting measures. During the opening of the new headquarters, co-founder and chief executive officer Quek Siu Rui said that the platform is well-capitalised.

“This is just the start of our second decade of Carousell, and there is more to come. Please continue to lend your support to our CarouTeam, as I will,” said Mr Ngoo. THE BUSINESS TIMES