BreadTalk Group CEO Henry Chu has resigned, citing “personal and health reasons”.
Chu will depart from the helm of the Singapore-headquartered pan-Asian bakery and restaurant business at the year’s end. He will be temporarily replaced by company founder Dr George Quek until a new head is appointed from either within or outside the firm.
“On behalf of the board, I would like to thank Henry for working tirelessly with the senior management team to maximise growth opportunities and successfully diversify our portfolio of brands in the last 2.5 years,” said Quek in a statement.
BreadTalk entered significant partnerships with Wu Pao Chun Bakery and Song Fa Bak Kut Teh, and expanded into London and Cambodia under Chu’s lead.
The change comes as BreadTalk faces declining revenue largely brought on by heavy competition. It operates almost 1000 outlets globally.