Honestbee reportedly fires CEO after suspending operations in 4 countries & cutting 10% of staff
The remaining co-founder heads the engineering department.
Honestbee is going through a bit of a strategic review.
Regional operations affected
This review has led to these measures.
1. Stopping their services in Indonesia and Hong Kong.
2. Suspending their food services in Thailand.
3. Temporarily suspending their operations in the Philippines and Japan.
Apart from these operational aspects, they are also cutting 10 percent of their global head count.
Taiwan vendors had also complained about Honestbee failing to settle payments on time, according to a Yahoo news report.
Honestbee claimed this was a case of them streamlining payment operations, which affected payment time.
Despite reports of late payments in Singapore, Honestbee has come out to clarify that there have been no such incidents in Singapore.
According to The Straits Times, Honestbee told employees during a town hall that they had enough funds, despite media reports stating otherwise.
The same source told ST that he did not get a sense that the company was doing poorly, and had left for other reasons.
CEO allegedly fired
The strategic review appears to have claimed their biggest name yet.
On May 1, 2019, TechCrunch released a report claiming that their CEO and co-founder, Joel Sng, had been fired by HonestBee.
If news of Sng’s departure is true, that would leave Honestbee with only one co-founder in the company.
Another co-founder, Isaac Tay, had left the company last year.
The remaining co-founder, Jonathan Low, heads the engineering department.
Despite the TechCrunch report, some Honestbee staff have come out to refute the news, claiming Sng is still their CEO.
Sng’s own Linkedin page also does not appear to reflect this supposed firing.
Or not yet.
TechCrunch reported that HonestBee told their staff they were in the midst of securing funding that will provide an “additional year of runway for the business”.
Other possibilities such as acquisition have been tossed around.
Two industry sources with knowledge on the matter previously told TechCrunch that Honestbee has apparently already started talks with two viable candidates, Grab and Go-Jek, to discuss the possibility of an acquisition.
All three parties have declined to comment on the possibility of an acquisition.
We have reached out to Honestbee for further comment.
Image collated from Honestbee