Fraser and Neave, based in Singapore, has appointed former FrieslandCampina executive Rahul Colaco as its new CEO.
Colaco is set to officially assume his role on Wednesday, 1 October, arriving from Thai Beverage, a prominent player in the beverage industry.
The 51-year-old leader succeeds Hui Choon Kit, who dedicated 25 years to Fraser and Neave and served as CEO since 2022.
Fraser and Neave’s chairman, Koh Poh Tiong, remarked: “Rahul is a seasoned leader with a strong track record in building brands, driving growth, and delivering results across diverse markets. The board is confident that he will lead F&N into its next phase of growth, building on our strong foundations and seizing opportunities in a dynamic operating environment.”
Colaco’s career includes a tenure at FrieslandCampina from 2009 to 2019, where he served as president of its business in China. He joined Thai Beverage in 2020 and, for the past year, has been the international spirits chief at the Old Pulteney whisky maker.
Having also spent five years at Unilever earlier in his career, Colaco stated: “It is an honour to be entrusted with the leadership of F&N, a company with such a rich heritage and strong portfolio of brands.”
Fraser and Neave, renowned for brands such as Nutri Soy soya milk and 100 Plus isotonic drinks, ended its financial year on 30 September 2024 with revenues of S$2.16bn (US$1.68bn), marking a 3% increase year-on-year. Profit after tax rose by 6.8% to S$219.1m.
The group, which also has interests in printing and publishing, reported growth across all its food and drinks businesses during this period.
In August, Fraser and Neave released a trading update for the first nine months of its financial year, which concludes in just five days. Revenue grew by 9.7% to S$1.77bn, driven by increased sales in the food and drinks sector; however, profit after tax declined by 6.4% to S$169.5m due to lower earnings from soft drinks.
Koh added: “On behalf of the board, I would like to extend our thanks and deep appreciation to Choon Kit for his contributions and leadership. Over the past 25 years, he has served F&N with full dedication and successfully steered the group through a dynamic business environment.”
Upon his retirement, Hui stated: “It has been a privilege to lead F&N and to work alongside such a talented and dedicated team. Together, we have navigated challenges and seized opportunities to strengthen the group. I am proud of what we have accomplished and confident that under Rahul’s leadership, the group will achieve even greater success.”
