Honestbee fired CEO Joel Sng, says report; start-up to make statement today

Mr Joel Sng (pictured) co-founded Honestbee in 2015 with Isaac Tay and Jonathan Low.
Mr Joel Sng (pictured) co-founded Honestbee in 2015 with Isaac Tay and Jonathan Low.PHOTO: HONESTBEE

SINGAPORE - Struggling grocery delivery start-up Honestbee has let its co-founder and chief executive officer Joel Sng go, according to a TechCrunch report citing sources with knowledge of the matter.

Honestbee will be addressing the matter in a statement later today, a spokesman for the company said on Thursday (May 2) in response to queries from The Business Times.

Mr Sng founded Honestbee in 2015 with Isaac Tay and Jonathan Low. Mr Tay has left Honestbee, while Mr Low serves as its vice-president for engineering.

Mr Sng also served as a senior adviser to Formation Group, a key backer of the start-up, according to past media reports.

On Tuesday, Honestbee announced it would lay off 10 per cent of its global headcount and had stopped its services in Hong Kong and Indonesia, as well as its food vertical in Thailand.

The company also suspended services in the Philippines and Japan, along with certain partnerships in other markets.