Lifebrandz’s chairman cum CEO Saito Hiroyuki and independent director Naoki Watanabe have resigned from their roles effective March 10.
The reasons behind the resignations are due to the group’s new strategic direction, which will be focusing on food and beverage industries within the Asean region.
According to an SGX filing on the evening of March 10, Hiroyuki and Watanabe have also stepped down to allow for candidates with relevant experience to take over their roles in advising the group.
Hiroyuki was appointed as CEO on July 5, 2017, while Watanabe was appointed on August 5, 2020.
Hiroyuki will also be stepping down from his directorships in the group’s subsidiaries effective March 11.
SEE: LifeBrandz kicks off San Francisco sushi restaurant opening with five-day event
Lifebrandz, on March 10, posted its results for the 1HFY2021 ended January, where it made earnings of $3.1 million, from losses of $1.3 million in the corresponding period the year before.
However, the earnings were due to one-off items such as the disposal of businesses and waiver of loans from shareholders.
During the six months, the company generated revenue of just $19,000, versus revenue of $1.5 million in the year earlier period.
Up till April 2020, the company used to run Hashida Sushi, headed by Kenjiro ‘Hatch’ Hashida (picture). He has since started elsewhere on his own.
Shares in Lifebrandz closed flat at 1 cent on March 10.
