SINGAPORE - Frasers Centrepoint (FCL) has appointed a new chief executive officer to take over from Mr Lim Ee Seng, who will retire on Sept 30, 2016, and announced other organisational changes in a filing to the Singapore Exchange on Monday morning (June 6).
Mr Panote Sirivadhanabhakdi, currently CEO of Thai-listed real estate company Univentures Public Company, has been a non-executive and non-independent director of FCL since March 2013. He is also a member of FCL's board executive committee, risk management committee and remuneration committee.
"In particular, he worked closely with Mr Lim on progressing many of the strategic initiatives of the Group, including the acquisition of Australand and the listing of Frasers Hospitality Trust," said FCL.
After he takes over as group CEO, Mr Panote will step down as CEO of Univentures by Sept 30, 2016, but will continue as its non-executive director.
Mr Panote is the son of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, who are directors and controlling shareholders of FCL.His sister is married to FCL director Chotiphat Bijananda.
FCL also announced the appointment of Mr Chia Khong Shoong to the newly-created role of chief corporate officer (CCO)with effect from July 1, in addition to his current role as FCL's chief financial officer. As CCO, Mr Chia will oversee several critical corporate responsibilities, including group strategy and performance, as well as FCL's business process and solutions initiatives.
FCL has also created a Singapore strategic business unit (SBU), which integrates its Singapore residential and commercial properties development and operations, with effect from July 1. Mr Christopher Tang, who is currently CEO, commercial and Greater China, will be appointed to the newly-created role of CEO, Singapore, with effect from Ju;y 1. Mr Rod Fehring and Mr Choe Peng Sum will continue as CEOs of Australia and Hospitality SBUs, respectively. Together, the three SBUs account for 90 per cent of FCL's total assets.
Commenting on his strategic focus and immediate priorities, Mr Panote said: ""Achieving sustainable earnings remains central to the group's strategy. We have done this by growing overseas earnings, strengthening FCL's income base and improving capital productivity.
Increasing global volatility and shortening property cycles are the new normal. Our diversified platform with FCL's three SBUs of scale in the capable hands of the respective CEOs allows us to allocate capital dynamically to different markets and sectors depending on their relative attractiveness at different points in time. I look forward to working closely with the FCL team and taking this business to even greater heights."
