ALL eight directors of Fraser & Neave who saw through the divestment of associate Asia Pacific Breweries and the takeover of F&N by Thai tycoon Charoen Sirivadhanabhakdi have stepped down.
Chairman Lee Hsien Yang and independent directors Timothy Chia, Maria Corrales, Ho Tian Yee, Koh Beng Seng, Seek Ngee Huat, Tan Chong Meng and Nicky Tan resigned from the F&N board with effect from today.
They had earlier indicated they would resign en masse after the close of Mr Charoen's offer to give the billionaire a free hand as he takes over the 130-year-old company.
Mr Charoen's son Thapana Sirivadhanabhakdi and son-in-law Chotiphat Bijananda have been appointed to the board.
They were joined by Thai Beverage Public Co chief financial officer Sithichai Chaikriangkrai and former group managing director of Jardine Cycle & Carriage, Mr Philip Eng.
Mr Charoen also controls Thai Beverage.
The company will appoint five additional directors in due course.