F&N CEO departs suddenly..

[Apollo]

http://www.forbes.com/afxnewslimited/feeds...afx4190891.html

 

Singapore's F&N group CEO quits over differences with board

10.05.07, 9:14 AM ET

 

SINGAPORE (Thomson Financial) - Fraser and Neave Ltd (F&N), which owns F&B and property businesses, said Friday its group chief executive officer Dr Han Cheng Fong has left the company with immediate effect due to differences with the board.

 

'The cessation arises from differences of opinion with the board which are unconnected with the financial position or performance of the company or its subsidiaries,' F&N said in a statement.

 

The company said as it looks for a successor, the chairman of the board will oversee management of the group in the interim.

Last month, F&N appointed Lee Hsien Yang, the son of Singapore's founding father Lee Kuan Yew, as a non-executive director and chairman-designate of the company.

 

The former group chief executive and director of Southeast Asia's biggest telecommunications company, Singapore Telecommunications Ltd, will assume the position as F&N's non-executive chairman when current chairman Michael Fam retires on October 15.

F&N has a stake in Singapore-listed Asia Pacific Breweries, the maker of Tiger beer, and real estate investment trust Frasers Centrepoint Trust

 

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aiya... such a good position must of cos give to the familee lor.. fat water no flow other's farm.

 

no nid invite FT lah. Lee3 just do it... we support u. i mean the 66.6% of singapore.

[Freestylers09]

Alot big shots in big companies resigned recently...some explained not coz of "something"...why elites wana quit if not coz of soemthing??then what are they call?start with Q one?

[Watwheels]

Something fishy going on??

[Ultramega]

reminds me of Hewlett-Packard's previous CEO who also left due to differences with the board.

[Apollo]

mebbe lee3 can invite lee1 and lee4 to join board.

 

then truly become Father & Nephew (F&N)

 

[Picanto]

the truth will always be hidden from the citizens. the more we probe, the more slander/defamation cases.

[Sfhuang]

[Qpik]

So, toylet COO u mia recently to do alot of digging

 

Can u forsee the one at TH paying for her mistakes by forcing to resign?

[Apollo]

i tot their investment CO oleadi resigned recently.

[Qpik]

u mean they've gotten a scapegoat

[Apollo]

eh.. i mean there's now a vacancy at F&N. so beri easy to play musical chair.

[Comfy]

aa... musical chair.. can i join?? long long no play liaoz..

[Mica_blue]

" F&N CEO departs suddenly.."

 

wah sounds like the CEO liao ...

[Picanto]

is his departure planned so as to make way for someone famous?

[Cheekg98]

of course he will leave ... esp. when someone who do not know much of the berage industry to be consultant ?

[Apollo]

can alway help them to sponsor next yr NDP like keppel... at least dun hv to see the keppel's robotic boring beedeo anymore.

[Apollo]

More F&N drama The firm weighs in on former CEO's comments on its prospects

Esther Fung

[email protected] The drama surrounding the sudden resignation of Fraser & Neave (F&N) chief executive officer Han Cheng Fong became more intense yesterday with the conglomerate weighing in on his comments on its prospects. . F&N was responding to reports in The Straits Times and Business Times on Saturday on Dr Han's resignation, which took immediate effect on Friday. . Both newspapers quoted Dr Han as saying that F&N "is going to end this year with sterling quality performance". . Also, Dr Han was "confident the next five years promise strong double-digit growth and F&N is likely to achieve a doubling of this year's bottom line performance by the end of the fifth year", they reported. . In its statement filed with the Singapore Exchange yesterday, F&N distanced itself from Dr Han's reported statement, warning investors "not to act on information which has not been issued by the com-pany". . F&N's outlook for the year, announced in its Aug 10 third-quarter results, had stated that "barring any unforeseen circumstances, the group's performance is expected to improve over that of the previous year", the company reiterated. . Also, "the group does not make public forecasts of its long-term performance", F&N said, even as it acknowledged that it had set itself a target of 10-per-cent improvement each year. . On Friday, F&N said in its statement to the SGX that Dr Han resigned due to "differences of opinion with the board". . When asked by Today to elaborate, F&N had said the company didn't want "to dwell on the details" as it "has to protect what might be commercially-sensitive information". . F&N added that the departure of Dr Han's and the appointment of former SingTel chief executive Lee Hsien Yang are "unconnected" although the timing of the two "is unfortunately close". ------- amazing... reporting of good results r not good for the company?

[Darth_mel]

Maybe Chee Soon Juan should be the new CEO.

 

First thing he will say in meeting : "Where is our money ?"

 

This whole episode is exactly what F&N stands for : Funny & Nonsensical.

 

The Lee empire is expanding rapidly.....

 

Just like the Emperor when dealing with Jedi: "Do what must be done. Show no mercy."

Edited October 8, 2007 by Darth_mel