Frasers Centrepoint appoints new CEO

FRASERS Centrepoint (FCL) has appointed a new chief executive to take over from Lim Ee Seng, after the latter's extended service agreement with the company ends on Sept 30, 2016.

FCL said in a Singapore Exchange announcement on Monday morning that its board of directors has accepted the recommendation of the nominating committee and approved the appointment of Panote Sirivadhanabhakdi as chief executive from Oct 1, 2016.

Mr Panote has been a non-executive and non-independent director of the company since March 8, 2013. He is also a member of the company's board executive committee, risk management committee and remuneration committee.

Mr Panote is also currently the CEO of Thai-listed company Univentures Public Company Limited (PCL), and is involved in real estate and property development in Thailand. He is also a non-executive director of a second listed company on the stock exchange, Golden Land Property Development PCL, which is involved in property development, management and advisory services in Thailand.

After his appointment as group CEO, Mr Panote will continue as an executive director of FCL and will step down from the remuneration committee of the listed company. He will also relinquish his current role as CEO of Univentures PCL but will continue to be a non-executive director of the Thai listed company.

Mr Panote is the son of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, who are directors and controlling shareholders of FCL. Chotiphat Bijananda, a director of FCL, is married to a sister of Mr Panote.