SINGAPORE - Commodities firm Olam international announced Wednesday that its non-executive chairman R Jayachandran will retire on October 31 after 20 years on its board.
Deputy chairman Kwa Chong Seng will take over as independent non-executive chairman on the same day.
Mr Jayachandran was first appointed to Olam's board as non-executive director in 1995 and became chairman in 2006. Under his chairmanship, Olam's revenues registered a compounded annual growth of 21.5 per cent. Its net profits also grew at rate of 28.7 per cent yearly, said the company in a statement on Wednesday.
Mr Kwa has been Olam's deputy chairman since October 2014.
He is also the chairman of the boards of Neptune Orient Lines, Singapore Technologies Engineering and Fullerton Fund Management.
He sits on the board of the Singapore Exchange and the Defence Science and Technology Agency, and is also deputy chairman of the Singapore Public Service Commission.