Singapore-listed Olam says veteran CEO Sunny Verghese to step down in major reshuffle
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Mr Sunny Verghese, who co-founded Olam nearly four decades ago, will relinquish his role as group CEO but will remain chief executive of Olam Agri.
PHOTO: THE BUSINESS TIMES
SINGAPORE – Olam Group’s co-founder and chief executive Sunny Verghese will step down in April, marking a major leadership reshuffle as part of the Singapore-listed food conglomerate’s years-long overhaul.
Olam, founded as a cashew trader in 1989, rose to become one of the biggest agricultural merchants in the world. It embarked on a shake-up of its corporate structure in 2020, splitting off divisions, including Olam Agri Holdings, which trades bulk grains and edible oils, and OFI, its food ingredients business that handles cocoa and coffee.
Mr Verghese will remain CEO of Olam Agri, in which state-owned Saudi Agricultural and Livestock Investment Co (SALIC) first bought a stake in 2022. Initial public offerings were pursued for the business in Singapore and Saudi Arabia, but the plans have run into regulatory hurdles.
In 2025, SALIC agreed to boost its holding to 80 per cent, with three years to exercise an option for the remainder.
Turnaround expert Gautam Wadhwa has been appointed as CEO of a third division, the so-called Remaining Olam Group, also known as OGH, where he will be charged with divesting the unit’s remaining assets and businesses. The head of OFI is unchanged.
The company said deputy chairman Yap Chee Keong will take over Mr Lim Ah Doo’s role as chairman, while the group’s chief financial officer will step down.
All the leadership changes will be effective from Olam’s annual general meeting on April 27.
Olam plans to appoint a lead independent director from its existing board and will add another in the second half.
The changes reflect the board’s commitment to “strengthening its corporate governance and transparency standards”, the company said in a statement, adding that the group will replace other roles after its annual general meeting later in April.
Olam’s shares have slumped in recent years and closed at a two-decade low in March. The stock closed 0.5 cent lower at 86.5 cents on April 10.
Mr Verghese has led the group for almost four decades. That includes a rough period in 2012 when short-seller Muddy Waters questioned the firm’s business model, which eventually led to a takeover by Singapore’s Temasek. The state-owned investment fund holds just over half of the company. BLOOMBERG
