Koala co-CEO leaves the top job after less than a year

afr.com:

Online homewares store Koala has lost its co-chief executive after less than a year in the job, setting back its widely discussed hopes to list on the stock exchange.

Melissa Fahey, an experienced executive who helped shepherd online jobs marketplace Hipages to the ASX as chief financial officer, joined Koala in February. Ms Fahey departed last week.

Koala’s now sole chief executive Mitch Taylor said in a brief statement that having two chief executives “just didn’t make sense at this time”.

Koala co-founder Mitch Taylor and departed co-chief executive Melissa Fahey in happier times. 

Mr Taylor praised Ms Fahey but did not say where her next role would be or address questions about whether her departure would bear on any listing plans at Koala.

“Mel’s demonstrated in the market that she’s a strong executive and we’re sure she’ll do great things wherever she goes,” Mr Taylor said. “Mel made some great contributions here at Koala that will serve us well into the future.”

Co-founded in 2015 by Mr Taylor and his friend Dany Milham, who departed to run the now-folded Milkrun delivery service, Koala pioneered the sale of boxed mattresses online.

But it faced competition from several copycat businesses, rendering it similar to many other online retailers as it diversified into a larger range of furniture and homewares.

Ms Fahey said she had enjoyed working with at Koala, which was in a “very strong position”.

“Koala is well on its way to becoming a globally successful furniture disruptor,” Ms Fahey said.

A host of online businesses selling directly to consumers were founded about the same time as Koala, including the US mattress business Casper, glasses firm Warby Parker and shoe seller Allbirds. They all initially flourished.