IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director

INDOFOOD Agri Resources has appointed former Economic Development Board and Spring Singapore chairman Philip Yeo as chairman and lead independent director of the company with effect from Wednesday (May 1).

Yeo was also formerly a special adviser for economic development in the Prime Minister’s Office from 2007 to 2011.

In a regulatory filing on May 1, the company said that he was appointed after taking into account his extensive global experience and network, as well as his experience as a director of SGX-listed companies.

He replaces Edward Lee, who stepped down from his roles as chairman and lead independent director on Tuesday. He had served the company for 17 years.

Vice-chairman and independent director Lim Hock San also stepped down on Tuesday.

In addition to his role as lead independent director, Yeo will also serve as chairman of the nominating committee and remuneration committee.

He remains on the board of seven other companies, including City Developments, QAF and Sunway.

Meanwhile, the company also announced that it would appoint David Sungkoro as an independent director and chairman of the audit and risk management committee (AC), as well as a member of the nominating committee.

It also appointed Andreas Tan as an independent director, as well as a member of the AC, the nominating committee and the remuneration committee.

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In addition, it appointed non-executive director Axton Salim as a member of the remuneration committee.

This comes as a non-independent, non-executive director of IndoAgri Goh Kian Chee stepped down as the chairman of the AC and a member of the remuneration committee from May 1.

Tjhie Tje Fie has also stepped down as a member of the AC, nominating committee and remuneration committee.

IndoAgri closed flat at S$0.30 on Tuesday.