CEO of LGBT Asian Website Fridae.com Departs, Shuts Down Domain

Stuart Koe, the founder of Fridae.com, one of the largest Asian websites for LGBTs, in existence since 2003, has shut its domain after conflicts with its board, he reports, in a blog post:

KoeLeaving Fridae has been one of the most difficult decisions I’ve had to make. Having already devoted more than 10 years of my life to Fridae and the community, steering the company through several business cycles, and on the cusp of another phase of innovation and growth, I was prepared to commit another 20.

Unfortunately, the biggest obstacle I was faced with was an unsupportive Board, namely Joan Foo Mahony, Peter O’Connor, and Guillaume Levy-Lambert, who did not share the vision I had for Fridae. This made it difficult, if not impossible for me to continue in my role. The last few months of my time at Fridae has left me disappointed and very disillusioned.

For the past 6 months since my departure, I have tried but failed to resolve outstanding disputes with the existing management. Meanwhile, the Directors have exercised a clause to forfeit all the equity that was supposed to be allocated to the management as sweat equity. As it now stands, I no longer own a single share in the company I have invested most of my working life to build.

Koe says that the old site has been redirected to the domain Fridae.asia.

Comments

  1. Brian says

    The board represents the owners, and the CEO works for the board, so that’s why the board fired the CEO and not the other way around. There’s been some tension there for a while, and it wasn’t helped when Stuart was arrested under Singapore’s draconian drug laws. But what I find confusing is what Stuart did. It seems like he took the whole website and moved it to a new company. That would seem patently illegal, or incredibly stupid on the part of the owners to leave all the intellectual property in the hands of the founder/manager when they bought the company. Anyway, Fridae and Dr Koe have been a breath of fresh air for Singapore, I hope they can work things out.

  2. Sunny says

    It appears that Fridae.asia is owned and operated by the existing owners and new management while the Fridae.com domain is being hijacked by Stuart which is probably illegal since the domain is an asset of the company and not personal property.

  3. David says

    Stuart’s a veteran at this business – I expect he knows his rights and what he’s doing. The new management saw this coming for a while and moved everything to Fridae.asia back in June. That makes it pretty obvious they knew who owned the domain.

  4. says

    Agreed with David.

    Fridae.com = Stuart
    Fridae.asia = current management.

    They wanted it new and Stuart surely knew what he was doing to take down .com, one that we have always known.. Though nothing changed for the public users like us, I guess on the front it didn’t matter..

  5. kinky says

    he sell his shares, its for money, when he was thrown away from his company he built, its his own fault, for selling everything away, dont blame the buyer, blame the seller who sell it.

  6. Chris says

    Does anyone know the story behind the member “pheramones”, there? He seems to be the resident editorial encyclopedia and is a genetic masterpiece. I am wondering if he is a robot of some sort.

  7. Kevin Seahorse says

    f Fridae is gone so what..we should build another Fridae …even better one. Don’t give up hope we are the consumer not the seller we have the right what to choose if it’s good for us.

    Fridae is gone because of Singapore Government then it’s ashamed. I would say get a life to Singapore Government and you can’t stop Gay appearing in this society unless you clone a perfect man otherwise Gay will be born. As long as there is an Human Race on this Planet, there will always be a GAY.

    God Bless GLBT!

    kevin

  8. Leigh says

    NOOOO!!! This is horrible! Fridae was a GREAT website and I made a lot of friends and found a lot of hot dates through it. Not how am I going to find my old friends when I go back to Shanghai?! Fridae, you will be sorely missed….

Leave A Reply