SINGAPORE – Olam International has announced that Ms Rachel Eng Yaag Ngee will resign from the board as an Independent Non-Executive Director effective July 31, 2018.
The agri-business firm said the decision was reached by the Board of Directors following Rachel’s acceptance to step down to pursue a career in a domestic law firm, a part of the PwC global legal network.
She will also be stepping down from her position as partner and deputy chairman in WongPartnership, where she was involved in the initial public offerings on the Singapore Exchange with effect from August 31, 2018.
During her tenure, she saw several initial public offerings on the Singapore Exchange, including the listing of Sasseur Reit, the first outlet mall real estate investment trust to go public in Asia.
“Rachel has a long association with Olam and a deep understanding of its development over the years, and I value her participation in the Board and Board Committees discussions as well as her perspectives.
On behalf of Olam’s Board and Management team, I would like to thank Rachel for her contributions to Olam and wish her the very best in her new role,” said Olam’s Chairman Mr Lim Ah Doo.
Speaking on her resignation Rachel said: “With this new role, stepping down from the Olam Board will allow me to devote more time to my new responsibilities.
I am very proud to be associated with Olam for many years now and I have enjoyed my involvement with the Company in its pursuit of becoming a leading, global agri-business.
Olam continues to impress me with its entrepreneurial spirit and its commitment to sustainability. I wish Olam, its Management and staff success in all its future endeavours.”
Rachel is also stepping down from the board of one of the three major telcos in the Republic of Singapore, StarHub Ltd where she was appointed as the telco’s lead independent director, nominating committee chairman and audit committee member in 2015.
In the first quarter of 2018, Olam posted 8.55 rise in revenue on investments in prioritized platforms, completion of planned divestments and continued working capital optimization.
Earlier this year chief executive officer of Olam, Sunny Verghese was appointed the chair of the World Business Council for Sustainable Development (WBCSD) to drive the sustainable agenda.