Carousell co-founder Lucas Ngoo to step down
CAROUSELL co-founder Lucas Ngoo announced on Thursday (Feb 15) that he would step down from managing day-to-day operations at the online marketplace.
In a post on professional networking platform LinkedIn, Ngoo said that he will remain with Carousell in the capacity of co-founder and board director. He will also step in as an adviser when necessary.
“I continue to have full vested interests in the success of Carousell as a co-founder, board director and shareholder, and have full confidence in our business and leadership team,” he said.
He has been with Carousell since its inception nearly 12 years ago, and was the platform’s chief technology officer until September 2019, when Igor Volynskiy took over the role.
The decision to step away from Carousell is a personal one, with Ngoo looking to take a break to learn new things such as artificial intelligence in biotech, healthcare and climate technology, among others.
The move comes after Carousell laid off 110 employees in December 2022 and moved into a cheaper office as part of cost-cutting measures. During the opening of the new headquarters, co-founder and chief executive officer Quek Siu Rui said that the platform is well-capitalised.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
“This is just the start of our second decade of Carousell, and there is more to come. Please continue to lend your support to our CarouTeam, as I will,” said Ngoo.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Vietnam education startup Prep bags US$7 million in Series A funding
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Ninja Van axes more than 20 employees in tech team in Singapore
Temasek-backed PsiQuantum to build first commercial quantum computer
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too
GoTo narrows Q1 loss to 420 billion rupiah with TikTok deal, cost cuts