My Food Bag founder Cecilia Robinson speaks about the founding of the company to NZ Herald Business Editor at Large Liam Dann. Video / Jason Oxenham
My Food Bag co-founders and co-chief executives Cecilia and James Robinson are stepping down from the business after five years.
The couple, who will remain on the board, said the move was part of the company's succession plan with the business now looking for a chief executive to take itto the next stage, which was likely to include a public listing.
"Both James and I are incredibly proud of the business we have built," Robinson said.
"We are excited to continue to help grow the business and contribute to the strategic direction as founder shareholders through our ongoing directorships as part of the My Food Bag Board."
The company said its succession plan had been in place since last year to give the board and business time to find a suitable chief executive.
"Clearly My Food Bag is a focus for us in a governance capacity, but we're really going to enjoy our children and do some travelling."
The Robinsons founded My Food Bag in March 2013 with Masterchef winner and dietician Nadia Lim and her husband Carlos Bagrie as well as former Telecom chief executive Theresa Gattung.
The concept is based on delivering a week's worth of healthy and easy to make recipes as well as the ingredients needed to make them.
Within the first three years, the company reached $100m in annual revenue and 30,000 customers across 14 cities in New Zealand and Australia.
The most recent reported figure of the company's revenue was $150m annually.
In October 2016, My Food Bag announced it had secured investment from Waterman Capital, saying at the time the partnership would support the company in achieving its IPO ambitions within the next three years.
Its value at the time was estimated at $120 million and company records show Waterman owns 70 per cent of the company.
Joining forces to create My Food Bag, from left, Cecilia Robinson, businesswoman Theresa Gattung and Masterchef winner Nadia Lim. Photo/supplied
Robinson said the company was still on track with this timeline, meaning an IPO was likely before the end of next year.
Since its partnership, My Food Bag had been focused on building a strong leadership team.
Last week the company was awarded the Supreme Auckland Business Award 2017 at the Westpac Auckland Best of the Best Business awards.
Robinson said having achieved all of the goals they set out when they launched, it was time for a new leader who could help the company achieve its next plans.
"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," Robinson said.
The company was looking for a leader who could continue to foster the innovative and winning culture, and who was a strong people leader with a clear vision of how to deliver on the company's promises, Robinson said.
Asked if the pair would look to set up another company in the future, Robinson laughed.
"Well you can never say never," she said. "In terms of the immediate future though, we're definitely looking to relax for a period and to enjoy the governance roles at My Food Bag and enjoy our family."
Food for thought • Launched in 2013 • Annual revenue of more than $150m • Tens of thousands of Kiwis eating My Food Bag weekly • Available in 28 towns and cities across New Zealand • Delivered about 40 million meals
