My Food Bag marketing and customer chief resigns
Meal kit company My Food Bag’s chief marketing and customer officer has resigned.
Louise Cunningham has handed in her resignation notice and her last day with the NZX-listed company will be July 16.
Cunningham joined My Food Bag in 2017 and “has been an important member of the My Food Bag family over a period of substantial transformation for the business”, the company said in a market announcement.
Her bio on the company’s website said Cunningham “develops marketing strategies that drive revenue growth, enhance customer experience and create social impact.”
In its NZX statement My Food Bag said Cunningham’s responsibilities would be performed by other members of the senior leadership team while it looks for a replacement.
“The board and management extend their sincere gratitude to Lou for her significant contribution to My Food Bag over a number of years and wish her the very best for the future,” the company said yesterday.
My Food Bag listed on the New Zealand Stock Exchange on March 5 with many first-time investors left disappointed as the stock fell after listing amid high expectations. The shares opened trading on the NZX yesterday at $1.76, down 5 per cent on the initial public offer price of $1.85, and ended the day at $1.74, down 6 per cent.
Across the Tasman on the ASX on opening day, the stock at one stage fell A27c, or 14.6 per cent, to A$1.58 before recovering to be down about 5 per cent.
The company’s stock has continued to trade below its offer price, trading around the $1.50 mark.
It debuted on the sharemarket with an initial market cap of just under $450 million.
Since launching in 2013, the business — co-founded by Cecilia Robinson and her husband James Robinson, with celebrity chef and nutritionist Nadia Lim and her husband Carlos Bagrie, and former Telecom chief executive Theresa Gattung — has delivered more than 84 million meals to Kiwis through its four brands: My Food Bag, Bargain Box, Fresh Start and MADE.