Singapore’s Olam Group Reshuffles Executive Team

Credit: Piotr Swat/Shutterstock

Singapore’s Olam Group (OGL) is reshuffling its executive team, including a move successful president astatine nan nutrient and ingredients business and a CEO change.

Lim Ah Doo will stem down arsenic president astatine nan group’s yearly wide gathering connected 27 April arsenic he completes a nine-year stint arsenic non-executive and independent head of nan Singapore-listed company.

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Yap Chee Keong, who is lawman president and committee chair, will measurement up into nan chairmanship “to guarantee continuity arsenic nan group executes its re-organisation plan”, according to a statement.

Co-founder and executive head Sunny Verghese will relinquish nan position of group CEO astatine nan aforesaid AGM. Verghese will stay main executive of what is near of nan divisional agriculture business, aliases Olam Agri.

Olam Group is successful nan process of divesting its agriculture division to nan Saudi Agricultural and Livestock Investment Company, different known arsenic Salic, which is owned by Saudi Arabia’s sovereign-wealth money PIF.

Verghese said: “The past twelvemonth marked a defining milestone successful our re-organisation travel arsenic we took decisive steps to amended nan capacity of our underlying operating groups, fortify nan group’s equilibrium sheet, heighten their resilience and unlock worth for our shareholders.

“It has been an honour to co-found and lead OGL for nan past 37 years and I americium filled pinch immense gratitude, pridefulness and restitution reflecting connected our travel together successful successfully building OGL into a respected, world marketplace leader pinch important affirmative effect successful our industry.”

The reshuffle will spot Gautam Wadhwa taking complete nan CEO spot of nan remaining group which will see OGL and Olam Food Ingredients (OFI).

According to nan statement, he will beryllium “primarily responsible for nan successful monetisation and divestments of nan assets and businesses successful OGH”.

OFI will proceed to beryllium led by CEO Shekhar Anantharaman. He will besides go executive head of Olam Group.

Outgoing chair Ah Doo said: “The group embarks connected a caller section of activity from a position of strength, underpinned by beardown foundations built done years of disciplined stewardship, giving nan renewed committee a unchangeable level from which to steer nan group confidently into nan future.”

Basis EPS grew to 10.9 Singapore cents from 1.4.