Fraser and Neave Limited (F&N) on Monday said it would have two chief executives officers to head its two core operations — properties and food & beverage — due to the ‘difficulty of recruiting one person who possesses all the necessary combined skill sets to realise the full potential of these businesses’.

With effect from the start of the new financial year on October 1, 2008, Koh Poh Tiong will join the F&N group as chief executive officer, food and beverage. Mr Koh is presently CEO of Asia Pacific Breweries Limited, a unit of the F&N group.

Mr Koh will be responsible for developing and driving the growth of the F&B business of the group, which includes the brewery, dairies, soft drinks and glass interests.

Upon his appointment, Mr Koh will also represent the F&N’s interest on the boards of, among others, APBL and Malaysia Bursa-listed subsidiary, Fraser & Neave Holdings Bhd.

The property business, which contributes significantly to group profits, will continue to be headed by Lim Ee Seng, who is chief executive officer, properties.

Mr Lim will also formally assume the chairmanship of the boards of the group’s property-related companies, namely, Frasers Property (China) Ltd (listed on the Hong Kong Stock Exchange) and Frasers Centrepoint Asset Management Ltd (the manager of Frasers Centrepoint Trust).

F&N also initiated a review of its strategic options for the publishing and printing business, and has engaged Morgan Stanley to assist in evaluating various strategic options.

Mr Koh, Mr Lim, and Mr Ng Jui Sia, the chief executive officer of the publishing and printing business, will report to the board, through the newly created Chairman’s Office, which will coordinate reporting lines together with corporate services support.

Lee Hsien Yang, former SingTel ceo, remains as F&N’s non-executive chairman.

‘The Board has consequently decided that no Group CEO will be appointed,’ F&N said.

‘This new management and organization structure will best serve the strategic interests of the F&NL Group with a CEO focused on driving each of our business areas,’ Mr Lee said.

‘I am confident that with this structure, F&NL will be positioned to capture the tremendous opportunities in Asia and build on the achievements attained over the last 125 years,’ he added.

Since the departure of Dr Han Cheng Fong last year due to differences of opinion with the F&N board, newly-appointed chairman Lee Hsien Yang has been overseeing management of the company.

Mr Lee took over from Dr Michael Fam after he retired. — BT newsroom

Source : Business Times – 30 Jun 2008