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The CEO of Pact Coffee has stepped aside
Pact Coffee
Stephen Rapoport, the founder of London coffee startup Pact Coffee has stepped aside as CEO, TechCrunch reports.
He will be replaced by managing director Paul Turton but remain on as a "very active" chairman, according to the report.
Rapoport, who has updated his LinkedIn profile to reflect the role change, founded Pact Coffee in 2012 and the company has been backed with over £5 million from investors like MMC Ventures and Robin Klein.
Pact Coffee tried and failed to raise £1 million through a crowdfunding campaign on Crowdcube in March 2016 and cut 16 jobs as a result. When it announced the crowdfunding campaign, it said it wanted to go international, and take advantage of a "home coffee" market that Pact Coffee believes to be worth over £1 billion.
The company has reportedly shipped specialty coffee to over 300,000 households but now it wants to start focusing more on supplying coffee to businesses. Rapoport reportedly provided TechCrunch with the following statement:
"From today I'm taking on the [role of] chairman at Pact, having run the company as CEO for five years. The timing is perfect; the team and I have built a D2C business that is market-leading and stable. Going forward, we’re focusing on making whole teams happier and more productive by upgrading their office coffee stack — it's called Pact at Work. I wanted to hire an MD with a long track record of winning with B2B models, which is what we have found in Paul Turton, who joins the business today. I anticipate this being a very active Chairmanship, ensuring Paul, the management team and the board have everything they need to succeed."
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