Singapore-listed Fraser & Neave (F&N) has named Lee Hsien Yang as chairman and non-executive director. The appointment takes effect on October 15, when current chairman Michael Fam retires, F&N said in a statement.
Mr Lee was the former chief executive of Singapore Telecommunications.
He said in a statement that he was excited by the opportunity to work with F&N to build its businesses.
F&N is a Singapore conglomerate whose interests include beer and property.
Together with Heineken, F&N owns Tiger beer maker Asia Pacific Breweries which has been expanding in China to tap into the growing market there.
There has been talk about Mr Fam's retirement for more than two years.
Analysts told Channel NewsAsia that it is timely for F&N to have a new person at the helm.
"F&N is primarily looking for somebody who is more aggressive, somebody who has the international experience and the experience to acquire new companies so as to pursue further growth. With the acquisitions that are forthcoming as well as the appointment of the new chairman, I think we are looking at a pretty bright future for the company," said Gabriel Gan, senior vice-president (dealing) at Fraser Securities.
Speculation about Mr Lee's appointment pushed F&N shares higher by almost 2% on Tuesday.
Trading in the counter was suspended on Wednesday.
Mr Lee left SingTel earlier this year, after taking the telco through its transformation into a leading regional player.
According to analysts, his credentials will tie in well with F&N's expansion plans.
"I think it's a major positive for the company. Being an investment holding company, it's very important that F&N acquires the right companies to form another piece to complete the jigsaw puzzle. Mr Lee has the experience in making very good acquisitions. He has a good eye for bargains. So, I think I would be very positive about his appointment," said Mr Gabriel Gan. - CNA/ir
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