Thai billionaire Charoen to retire as Frasers Property chairman; other board changes announced
This is in line with the group’s plans for board refreshment and renewal
FRASERS Property announced on Friday (Feb 7) evening that its board chairman, Thai billionaire Charoen Sirivadhanabhakdi, will retire from office on Feb 8, 2025.
He will be succeeded by Chumpol NaLamlieng, the former president of Siam Cement Group. Chumpol has served as Singtel chairman and held directorships at Sembcorp, British Airways and Siam Commercial Bank.
Charoen, 80, is retiring from the board of Frasers Property, in line with the group’s plans for board refreshment and renewal, it said in a bourse filing. He is retiring after serving as chairman for about 12 years.
In recognition of his contributions to the company, he will be appointed chairman emeritus with effect from Feb 8, following his retirement.
Separately, the group announced other board changes on Friday night.
Tan Pheng Hock, a non-executive and independent director who also served as a member of the group’s sustainability and risk management committee, will retire from office.
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Dr Nithinart Sinthudeacha will succeed him as a non-executive and independent director, as well as a member of the committee.
“It has been an honour to serve as chairman and to lead Frasers Property through a period of growth and transformation,” said Charoen.
“I am confident that with the collective wisdom and experience of our renewed board, we will build our strong foundation and drive the company to new heights, while continuing to focus on delivering sustainable value to our shareholders.”
Panote Sirivadhanabhakdi, group chief executive officer, said: “The board and I are deeply grateful for the inspiring leadership and invaluable contributions of Mr Charoen as chairman of the board over the years, and look forward to continuing to benefit from his wisdom and insights.”
In January, Charoen stepped down as board chairman of F&N and was appointed the company’s chairman emeritus.
Shares of Frasers Property closed flat at S$0.85 on Friday, before the announcement.
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