olam food ingredients (“ofi”) announces the appointment of Belinda Richards, Brian May and Penny Hughes to its Board of Directors 

London

 

ofi, a global leader in naturally good food & beverage ingredients, today announces the appointment of three Non-Executive Directors to its Board of Directors (“the Board”). ofi was 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.

 

Further information on the incoming Non-Executive Directors is given below:

 

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, Chief Executive Officer A Shekhar said:  

“On behalf of the Board and the entire management team it is my pleasure to welcome Belinda, Brian and Penny to ofi. I look forward to working closely with them and to tap into their extensive experience as we embark on the exciting next phase of ofi’s evolution. 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.” 

Press Release
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About ofi

 

olam food ingredients (“ofi”) is a new operating group born out of Olamofi offers sustainable, natural, value-added food products and ingredients so that consumers can enjoy the healthy and indulgent products they love. It consists of industry-leading businesses of cocoa, coffee, dairy, nuts, and spices. ofi has built a unique global value chain presence including its own farming operations, farm-gate origination, and manufacturing facilities. ofi partners with customers, leveraging its complementary and differentiated portfolio of ‘on-trend’ food products, to co-create solutions that anticipate and meet changing consumer preferences as demand increases for healthier food that’s traceable and sustainable.

 

To subscribe to the ofi newsroom and for more information on ofi please visit www.ofi.com

 

Follow @ofi-group

 

 

About Olam

 

Olam is a leading food and agri-business supplying food, ingredients, feed and fibre to 17,300 customers worldwide. Its value chain spans over 60 countries and includes farming, processing and distribution operations, as well as a sourcing network of an estimated 5 million farmers. By re-imagining global agriculture and food systems, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. 

 

Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.

 

Since June 2020, Olam has been included in the FTSE4Good Index Series, a global sustainable investment index series developed by FTSE Russell, following a rigorous assessment of Olam’s supply chain activities, impact on the environment and governance transparency. The FTSE4Good Index Series identifies companies that demonstrate strong Environmental, Social and Governance (ESG) practices and is used by a variety of market participants to create and assess responsible investment funds.

 

More information on Olam can be found at www.olamgroup.com.

 

Follow @olam

 

This announcement does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States, Canada, Australia, South Africa, Japan or any other jurisdiction and the securities referred to herein have not been registered under the securities laws of any such jurisdiction. The ordinary shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, in the United States, absent registration under or an exemption from, or transaction not subject to, the registration requirements of, the Securities Act. No public offering of securities is being made in the United States or in any other jurisdiction.

For further information, please contact:

Contacts for ofi Investor Relations

Aditya Renjen 

Senior Vice President 

aditya.renjen@olamnet.com

+65 66031104, 96570339

 

Kirsty Law

Head of Investor Relations

kirsty.law@olamnet.com

+44 7385 466 532 

For Media Enquiries:

Finsbury Glover Hering, The Adelphi, 1-11 John Adam St, London WC2N 6HT

 

Jenny Davey

Partner

jenny.davey@fgh.com

+44 7901 513 610

 

Chris Ryall

Partner

chris.ryall@fgh.com

+44 7342 713748

 

Harry Worthington

Director

harry.worthington@fgh.com

+44 7818 526 556