Waterman's Chris Marshall resigns from My Food Bag board

Nadia Lim, who co-founded My Food Bag. Photo / File

Chris Marshall has notified the board of My Food Bag that he intends to retire as a director at the annual meeting in August.

Marshall who co-founded Waterman Capital - which sold down its stake in My Food Bag in last year's IPO - will not seek re-election.

The announcement comes after the Herald revealed last month that Waterman had taken a stake in Farro Fresh, which could be viewed as a competitor of My Food Bag.

My Food Bag company listed on the NZX in March 2021 and has been a huge disappointment for investors with the shares trading well below the initial offer price of $1.85. The shares recently traded at 90c.

Marshall joined the board in 2016 as a non-executive director.

"Since My Food Bag's IPO 15 months ago, Mr Marshall has been working closely with the other directors to transition the company to a best practice, public market structure," the company said.

"That work is now largely complete, and the company has continued to deliver on the targets set out in its Product Disclosure Statement provided at the time of the IPO.

"As such, Mr Marshall has indicated that he considers this an appropriate time to step back from his position on the board," the company said.

"As a director of funds which remain one of My Food Bag's largest shareholders, Marshall continues to be a strong supporter of the business and has every confidence in its prospects."

The My Food Bag board said it would start a process to find a replacement.