Olam chairman Lim Ah Doo, group CEO Sunny Verghese to step down in leadership reshuffle

[SINGAPORE] Olam Group has announced a restructuring of its board and senior management. This is led by the simultaneous departures of its chairman and group chief executive officer from their parent-company roles, the agri firm said on Friday (Apr 10).

The changes, effective from the conclusion of the group’s fifth annual general meeting (AGM) on Apr 27, 2026, come as the firm executes its “Updated 2025 Re-organisation Plan”.

Chairman Lim Ah Doo, 77, will step down after a nine-year tenure as independent director.

He will be succeeded by deputy chairman Yap Chee Keong, 66, who currently chairs the board’s executive and risk committees.

Meanwhile, co-founder Sunny Verghese, will relinquish his position as group CEO and executive director of Olam Group.

Verghese, who has led the company for 37 years, will focus on his role as CEO of Olam Agri as the sale of that unit progresses.

“The past year marked a defining milestone in our re-organisation journey as we took decisive steps to improve the performance of our underlying operating groups, strengthen the group’s balance sheet, enhance their resilience and unlock value for our shareholders,” Verghese, 66, said.

Reshaping its portfolio

Olam Group announced in 2020 the decision to rejig its portfolio into three distinct business units – Olam Agri, ofi (Olam Food Ingredients) and the remaining Olam Group.

The agribusiness giant entered a deal with Saudi Agricultural and Livestock Investment Company (Salic) in 2025 to dispose of all its remaining shareholdings in Olam Agri in two tranches.

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At Olam Group’s H2 FY2025 earnings briefing, the company said that it had obtained approvals from all jurisdictions – save for one – for the sale of its first tranche involving a 44.58 per cent stake in Olam Agri.

As for Olam Group’s continuing businesses, it has invested US$500 million of equity into ofi to support various strategic initiatives. This includes the exploration of a concurrent listing in Europe and in Singapore at an appropriate time as well as private fund-raising options.

Meanwhile, three of 10 businesses in the remaining Olam Group were sold or wound down in 2025. On Apr 6, Olam Group announced the sale of another business, Mindsprint, to Wipro which is expected to be completed by the end of June.

Olam Group’s restructuring of its board and senior management includes a transition of the group’s financial leadership and the appointment of new management to oversee its continuing businesses.

Other key leadership appointments include:

• CEO of the remaining Olam Group: Gautam Wadhwa will be appointed as CEO of the remaining Olam Group on Apr 20 with responsibility for the monetisation and divestment of assets and businesses within that segment.
• Group chief financial officer (CFO) transition: N Muthukumar will step down as group CFO on Apr 27 to focus on his role as chief operating officer of Olam Agri. He will be succeeded by Venkataraman Krishnan, currently CFO of the remaining Olam Group.
• Executive reporting: Krishnan will be joined by group chief human resources officer Joydeep Bose and Rajeev Kadam, global head of risk management, internal audit and insurance.

Both this executive team and the CEO of the remaining Olam Group will report directly to the board executive committee.

Meanwhile, ofi will continue to be led by CEO Shekhar Anantharaman, who will also be appointed as an executive director on the Olam Group board.

Board renewal

The leadership changes include a broader push for board governance and diversity.

Following the AGM, the board intends to appoint a lead independent director from its existing members.

In line with its diversity policy, the group is also targeting the appointment of a female independent director in the second half of 2026, it said.

Incoming chairman Yap said that while the leadership team is being refreshed, the group’s strategy remains unchanged.

Shares of Olam ended at S$0.87, S$0.01 or 1.1 per cent lower, on Thursday.