YuuZoo's sixth CFO in three years leaves

SINGAPORE - E-commerce firm YuuZoo on Wednesday (July 12) said its chief financial officer and head of East Asian operations, Mr Raul Ikonen, was resigning immediately.

The 47-year-old is moving back to Finland for personal reasons, the firm said in a Singapore Exchange filing.

Mr Ikonen had been in the role for just over four months, after starting on March 1, and is the sixth in a series of short-lived CFOs at the company.

YuuZoo's previous CFO, Mr Lim Aik Bin, left in February after just six months, over what the firm said was non-compliance with his employment agreement.

The CFO before that, Mr Michael Parker, left in August last year (2016) after 14 months, as the management felt he had "operational and territorial limitations for the charge of YuuZoo's growth and expansion aspirations".

Before Mr Parker was interim CFO Olivier Richard, who left in May 2015 after four months in the role to pursue other interests.

He had replaced Ms Linda Hoglund, who was CFO for less than two months before leaving, also to pursue other personal commitments.

And she, in turn, had joined YuuZoo after the previous CFO, Mr Billy Ho, had quit in December 2014 after less than four months on the job, also to pursue other commitments.

YuuZoo was listed, via a reverse takeover, in September 2014.

Associate professor of accounting at National University of Singapore Business School Mak Yuen Teen had raised concerns about YuuZoo in two commentaries in The Business Times earlier this month (July), noting for example that the firm has had at least 15 departures of directors and other key officers, including its chief executive officer, since it started trading in September 2014.

YuuZoo hit back at the criticisms, and said the reasons for the resignation or termination of each director and key officer were given at the time it took place.

"The board of YuuZoo has not been satisfied with the performance of the company since the listing... The board believes it is in the best interest of the shareholders to terminate any staff who do not perform his or her duties to the highest standard, or fails to deliver what has been agreed on," the firm said.

"The company aims to continue with its policy of terminating any staff who after warnings and sufficient time to improve their performance still do not meet the standards set by the company or do not deliver the agreed targets. This policy also includes directors of the board."

A version of this article appeared in the print edition of The Straits Times on July 13, 2017, with the headline 'YuuZoo's sixth CFO in three years leaves'. Print Edition | Subscribe