My Food Bag founders step down from CEO role, remain as directors
By Tina Morrison
April 9 (BusinessDesk) - My Food Bag founders Cecilia and James Robinson have stepped down from their joint chief executive role at the Kiwi home delivery meal company, and say a new head will be announced shortly.
The company has delivered about 40 million meals since launching its weekly home delivery meal kit service in 2013, and estimates it is New Zealand's third-largest food retailer behind the country's two dominant supermarket chains, Foodstuffs and Countdown. The Robinsons said a succession plan for their exit has been in place since last year, after Auckland private equity investor Waterman Capital bought into the business in 2016 with an eye to developing it into a publicly listed company. Its value at the time was estimated at $120 million and company records show Waterman owns 70 percent of MFB Ltd.
"As founders, we are looking forward to entering this next phase and adding a new CEO who will drive our purpose and continue My Food Bag's growth," Cecilia Robinson said in a statement.
My Food Bag is fronted by celebrity chef Nadia Lim and backed by former Telecom chief executive Theresa Gattung and Saatchi & Saatchi chairman Kevin Roberts. In the past year it launched a new weight loss product and also entered the 'ready-to-eat' meal category. The company is benefiting from demand for food convenience and healthy living, and is facing increased competition from its supermarket rivals and new startups.