Olam Food Ingredients makes strategic additions to its board of directors

A. Shekhar, CEO of Olam Food Ingredients welcomes listing move

Global ingredients specialist ofi has appointed three non-executive directors to its Board of Directors, strengthening its overall management team, writes Neill Barston.

The business, which has delivered a series of solutions for the confectionery and snacks sector, is continuing to progress with renewed product launches.

Having been created in early 2020 following the announcement of the re-organisation within Olam International Limited (“Olam”) to unlock and maximise its long-term value. ofi intends to seek a primary listing on the premium segment of the London Stock Exchange, and a concurrent secondary listing in Singapore in H1 2022.

Olam previously announced the appointment of Niall FitzGerald as Chair of the Board. In addition to the Chair and the above Non-Executive Directors, the Board has two Executive Directors, Chief Executive Officer A. Shekhar, and Chief Financial Officer Rishi Kalra.

Belinda Richards will Chair the Governance and Nominations Committee and will be the Senior Independent Director for the Board.  Belinda was a senior partner at Deloitte LLP before embarking on her board career which has a particular focus on the consumer products and financial services sectors. Belinda is currently a Non-Executive Director and Audit Committee Chair for both Avast plc and Schroder Japan Growth Fund plc, as well as a Non-Executive Director for Phoenix Group Holdings plc and Monks Investment Trust plc. Belinda has previously served on the boards of WM Morrison, Grainger and Balfour Beatty.

Brian May will Chair the Audit and Risk Committee for the Board. Brian’s executive career with Bunzl plc spanned 26 years, including 14 years as Chief Financial Officer, during which period the business underwent significant strategic and operational transformation. Brian is a Non-Executive Director and Audit Committee member for Ferguson plc, a Non-Executive Director, Chair of the Remuneration Committee and Audit Committee member for ConvaTec Group plc, and he previously served on the board of United Utilities Group PLC.

Penny Hughes will Chair the Remuneration and Talent Committee for the Board. Penny’s executive career in the consumer goods industry led to an extensive portfolio board career which spans retail, media, leisure, technology and financial services in both public and private company boards. Penny is currently Chair of the boards of The Gym Group plc and Riverstone Living Ltd and has served as Chair of Aston Martin Lagonda as well as Chair of the Remuneration and Sustainability board committees for several large cap companies including Royal Bank of Scotland, WM Morrison, The Gap Inc and Vodafone.

Niall FitzGerald, Chair of the Board commented: “I would like to warmly welcome Belinda, Brian and Penny to the Board of ofi.  Each of them brings extensive experience and complementary skills gained from distinguished executive and board careers. These appointments demonstrate our commitment to build a skilled and diverse board which meets best practice corporate governance standards and are an important step in our ongoing preparations for the concurrent listing and demerger of ofi in 2022. We will announce further Non-Executive Director appointments early in 2022.”

Commenting on the appointments, CEO A Shekhar (pictured) added that he was looking forward to working with the latest additions to its team.

He said:”They share our conviction in driving ofi’s purpose of ‘Being the change for good food and a healthy future’. This is an important step towards shaping an effective Board for ofi which will provide the necessary stewardship for delivering sustainable and profitable growth for all stakeholders.”

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