The co-founder and Managing Director of South African online retailer, Zando, Manuel Koser has resigned from the Rocket Internet-backed venture, following reports of pressure from investors, according to Ventureburn.
Update: Zando has denied the claims made in the Ventureburn article and has threatened legal action against the site. However, Ventureburn has said that it stands by the article.
Citing rumours that Zando’s investors were unhappy with Koser’s performance and may have been “forced out of the company”, the South African based start-up news site reports that Koser claimed in a statement that he’s leaving on his own terms.
According to the statement, Koser was quoted as saying:
“I have decided to step down as MD of Zando.co.za to pursue other entrepreneurial ventures, as I am [a] startup enthusiast and miss the excitement and hectic environment of setting up a company from scratch. I will still be a shareholder of Zando and leave the business on a good note based on my own choice. I have no doubt it will continue to go from strength to strength under the excellent management of Peter.”
At the same time, Peter Allerstorfer, Koser’s co-founder who will remain at the company also expressed his appreciation for his co-founder’s “dedication and effort to build South Africa’s largest fashion e-commerce player”.
The clothing and shoe online retailer, which reportedly features over 400 brands and 10,000 products on its catalogue, is said to be one of the top five consumer e-commerce sites in South Africa.
The ex-Rocketeer is said to have co-founded Silvertree Capital, a “company builder and venture investor” in African startups.
Update: Zando has denied the claims made in the Ventureburn article, threatening legal action against the site. However, Ventureburn has said that it stands by the article.
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