ThaiBev moves to refresh F&N board with new directors

SINGAPORE - The Fraser and Neave (F&N) board will see two directors and one alternate director leave after its annual general meeting on Jan 27 as its major shareholder, the Thai Sirivadhanabhakdi family, continues its refresh of the group’s leadership.

Mr Chan Heng Wing, a former high-ranking diplomat and long-serving corporate figure, will step down as an independent non-executive director following the conclusion of the group’s 127th annual general meeting (AGM). He has been on the board since January 2018.

The move is part of a broader reconstitution of the board committees, announced F&N in bourse filings on Jan 5.

Mr Chan is also a director at One Bangkok Holdings and was a director at Banyan Tree Holdings and Frasers Property. He is also an executive board member of the China Cultural Centre in Singapore and non-resident Ambassador to Austria for the Ministry of Foreign Affairs.

His departure from the F&N board comes as he approaches the eight-year mark of his tenure. His exit aligns with the broader trend among Singapore-listed firms to refresh independent boards ahead of the Singapore Exchange’s strict nine-year tenure limit for independent directors.

Also leaving the board is Mr Sithichai Chaikriangkrai, the former group chief financial officer of Thai Beverage, who will cease to be a non-independent and non-executive director. Mr Sithichai is on the executive committee of Thai Beverage and has been a board member of both F&N and Frasers Property.

Consequently, his alternate director Michael Chye Hin Fah will cease being an alternate to Mr Sithichai, but will remain on the board. He has been appointed as the alternate director to Mr Prapakon Thongtheppairot, who is slated to join the audit committee with Ms Suong Dao Nguyen, subject to re-election.

Following the AGM, Dr Sujittra Sombuntham will also assume the role of chairman of the remuneration committee.

In October, the beverage manufacturer also appointed Mr Rahul Colaco as its new chief executive. He succeeded Mr Hui Choon Kit, who retired and stepped down from the post.

The latest board renewal comes more than a decade after the Sirivadhanabhakdi family wrestled control of the 142-year-old Singapore conglomerate.

The Thais had faced off against rival suitors to capture the F&N empire in what became one of Singapore’s most contentious corporate battles over 2012 and 2013.

While Heineken ended up with Asia Pacific Breweries, the Thais gained undisputed control over the rest of F&N’s diverse portfolio.

Since the takeover and the subsequent spin-off of its property arm into Frasers Property, F&N has been rebuilt into a pure-play food and beverage giant, serving as the spearhead for the Thai group’s non-alcoholic ambitions in South-east Asia.

Today, the group’s “varied businesses” are anchored by its massive dairies division, which dominates the condensed and evaporated milk markets in Singapore, Malaysia and Thailand.

Its beverages division, sans Tiger Beer, remains a market leader, while the group also retains a legacy publishing and printing arm, which owns Times Publishing and educational giant Marshall Cavendish.

One of Thailand’s richest men, Mr Charoen Sirivadhanabhakdi retired as the chairman of Frasers Property in 2025, while taking the position of chairman emeritus, and also quit as the chairman of Fraser and Neave.

Still, he retained control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies.

THE BUSINESS TIMES