The chief executive of My Food Bag has resigned.
A note to the stock exchange said Kevin Bowler notified the company about his decision to step down from the meal kit delivery company last night.
My Food Bag chair Tony Carter said Bowler had overseen a period of significant change after joining the business in 2018, leading the company through the pandemic and its subsequent challenges, as well as a period of growth.
“It has been a challenging time for My Food Bag and despite this, with Kevin’s leadership, the business has performed well, transitioned to a publicly listed company and is investing for the future,” he said.
“During Mr Bowler’s tenure, the business virtually tripled its earnings, took control of national operations from third parties, opened two new assembly facilities in Auckland and Christchurch, and broadened its offering to customers by adding recipe choice, Made meals and its grocery options via the Kitchen, “Carter added.
Bowler said he was sad to be leaving the company, but it was the right decision for him and his family.
“When I look back at my time with the business, I’m most proud of the way our team has worked together tirelessly through the uncertainties of the pandemic and still achieved all of its pre-listing forecasts in the FY21 and FY22 years.”
Bowler was at the helm during the company’s disappointing initial public offering in early 2021.
Shares were floated at $ 1.85 each but have since fallen 65 percent to 64 cents per share at yesterday’s market close.
Shareholders and company directors alike have shared their disappointment in the share price at the company’s last two annual meetings.
The business’ financial performance had also come under recent pressure, as the rising cost of living and other inflation challenges saw the company forecast lower full year earnings.
At the time of the last update, My Food Bag said it planned to lift earnings by introducing new products and encourage customers to order more frequently through its loyalty program.
Bowler’s last day will be 14 October.
A search was underway for his replacement and current chief financial officer Mark Winter would serve as acting chief executive in the interim.