Honestbee CEO Joel Sng has stepped down as CEO as of May 2, 2019.

Brian Koo to take over

In response to earlier media reports on Honestbee CEO Joel Sng stepping down, the company gave a statement regarding the leadership changes:

"As part of an ongoing strategic review of our business, there have been changes to the leadership team at honestbee. Co-founder, Mr Joel Sng, is stepping down as CEO, and will be replaced by Mr Brian Koo with effect from 2 May 2019.

In 2015, Honestbee was founded in Singapore with the mission of providing positive social and financial impact on the lives and businesses that we touch. Brian will bring his passion for our mission to his new role. He will take the lead and work with the current team to ensure that Honestbee is in the best possible position to support the business in Singapore and other geographies going forward.”

In the same statement, Koo also thanked Sng for his contributions to the company:

“I would like to express my appreciation for Joel, as he steps away from his current role, for taking honestbee from zero to one.

Koo had been a key investor in Honestbee

Koo is a founding member of Formation 8, a venture capital firm that invested in Honestbee as well.

Sng made note of this past in his statement, saying that he is "confident" that Koo would be able to "bring the company to the next level":

“Brian has been our earliest supporter and a key investor. He was also instrumental in helping us define Honestbee’s purpose and mission from day one. I am confident that he would be able to bring the company to the next level, supported by the newly-appointed executive team comprising key leaders of our organisation.”

Koo has reportedly signalled his intention to conduct an in-depth review of the business.

Sng allegedly said his firing was 'fake news'

TechCrunch previously reported that Sng had cleared his desk on April 30.

Sng allegedly decried news of his firing as "fake news" in an email sent to staff members earlier today.

Apparently, Sng stated he wasn't an "abandon ship" type of person, and insisted that he would not leave the company rudderless.

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Image from Honestbee and YouTube