Singapore’s Olam Group (OGL) is undergoing a significant restructuring of its executive team, which includes a change in the chairmanship of its food and ingredients business as well as a new CEO appointment.
Lim Ah Doo will step down as chairman during the group’s annual general meeting on April 27, concluding a nine-year term as a non-executive and independent director of the Singapore-listed company. This shift marks a transformative moment for OGL, as it seeks to adapt to evolving trends in the food and beverage industry.
Yap Chee Keong, currently the deputy chairman and board chair, will ascend to the role of chairman. This decision is aimed at ensuring continuity as the group navigates its reorganization plan, as stated in the company’s announcement.
Sunny Verghese, co-founder and executive director, will relinquish his position as group CEO at the AGM. However, he will remain in charge of Olam Agri, the remaining segment of the agriculture business. Olam Group is actively divesting its agricultural division to the Saudi Agricultural and Livestock Investment Company (Salic), backed by Saudi Arabia’s sovereign-wealth fund, PIF.
Verghese remarked, “The past year marked a defining milestone in our re-organisation journey as we took decisive steps to improve the performance of our underlying operating groups, strengthen the group’s balance sheet, enhance their resilience and unlock value for our shareholders.” He reflected on his 37-year journey with OGL, expressing gratitude for the company’s evolution into a reputable leader in the food and drink sector.
The executive reshuffle will place Gautam Wadhwa at the helm as CEO of the remaining group, which includes OGL and Olam Food Ingredients (OFI). Wadhwa will be primarily responsible for the successful monetization and divestments of OGH’s assets and businesses.
OFI will continue to be steered by CEO Shekhar Anantharaman, who will also assume the role of executive director for Olam Group.
Outgoing chairman Ah Doo stated, “The group embarks on a new chapter of leadership from a position of strength, underpinned by strong foundations built through years of disciplined stewardship, giving the renewed board a stable platform from which to steer the group confidently into the future.”
These management changes coincide with Olam Group’s announcement of its annual results. Fiscal 2025 revenue rose 19.3% to S$67 billion ($52.6 billion), while EBIT increased by 13.2% to S$2.19 billion. Profit surged to S$600.7 million from S$201.5 million a year earlier, exhibiting OGL’s resilience amidst changing food and drink consumer trends.
