Greendot restaurant co-founder & CEO steps down, agreed with partner it's better for 1 person to run business

After 15 years of developing Greendot from a school canteen stall to Singapore's largest plant-based restaurant chain, co-founder and chief executive Fu Yong Hong has stepped down.

He announced the move on his social media on Apr. 20, saying that "it wasn't an easy decision" and that he will continue to be the company's "greatest supporter".

"I’m taking time to reflect and spend more time with my two little ones, while exploring the next phase — where I hope to continue building and scaling meaningful businesses," he wrote.

Greendot currently has 11 outlets across the country, while the franchise also operates Lotus Vegetarian Restaurant and a catering arm.

A mutual decision

The 37-year-old established Greendot Group with his secondary school friend Justin Chou, who had the idea to offer affordable vegetarian options in schools.

After Fu announced his resignation, there were rumours that it was due to a disagreement between the two co-founders, according to Shin Min Daily News.

Chou recently cleared the air and explained that it was a mutual decision.

He told Shin Min that Fu had left the company at the end of March after careful discussion between the pair.

"The restaurant industry is very competitive right now," he said. "When there are too many people running a business, it's easy to face situations where they do not align in terms of strategic direction or vision. We agreed that it would be more suitable for one person to manage operations, and began discussing since last year who would be more suitable to manage daily operations."

He added that in the restaurant industry, it is common for founders to take on different positions or step down from theirs.

Gratitude and respect

In a LinkedIn post in May, Chou thanked Fu for his dedication and hard work and talked about pursuing different paths.

"Building a business is never a straight path, and as with any long journeys or mountain hikes, there are moments when dynamics and macro environment evolve," he wrote.

"While our paths are now diverging, there is deep respect for what has been built together and for the effort it has taken to get here."

Chou told Shin Min he will continue in his position as managing director, and said the team will appoint a new CEO internally.