Today, Mr Lee officially becomes chairman- designate and a non-executive director of F&N. He will succeed Mr Fam as chairman when the latter retires on Oct 15.
Mr Lee will also be a consultant for F&N's management services unit, drawing an annual fee of $1 million.
Mr Fam, F&N's chairman since 1983, will stay on as an adviser for a limited period to help with the transition.
MOST people knew already but yesterday it was made official - former SingTel group chief executive Lee Hsien Yang is to take over as chairman of conglomerate Fraser & Neave (F&N).
In a move foreshadowed by newspaper reports earlier this week, F&N announced yesterday that Mr Lee, 49, will succeed Mr Michael Fam, 79, who retires on Oct 15.
Today, Mr Lee officially becomes chairman-designate and a non-executive director of F&N, which has interests in the food and beverage, property and publishing sectors.
He said he was excited about his new role at F&N. 'Fraser and Neave is a fascinating food and beverage and property company. It has an Asian and international footprint, strong and deep Singapore roots and a distinguished heritage.'
Mr Lee will also be a consultant for F&N's management services unit F&N (Singapore), drawing an annual fee of $1 million, F&N said in a statement.
He will help with the overall strategic planning for the group, for an initial period of three years, which will be renewed automatically for another three years.
Mr Fam will stay on as an adviser for a limited period to help with the transition. He has been been on the F&N board since 1978 and chairman since 1983. In January last year, he gave up his executive responsibilities.
Mr Lee announced abruptly in July last year that he was stepping down as SingTel group chief executive, prompting speculation over his next move. He left the telco in April.
F&N yesterday suspended trading of its shares ahead of the announcement. In the hour beforehand, its share price rose as high as $5.20, before dropping to $5.10 at the close, up 14 cents on the day.
Mr Lee, the second son of Minister Mentor Lee Kuan Yew and brother of Prime Minister Lee Hsien Loong, had held the top job at SingTel since May 1995.
He chairs the board of governors at Republic Polytechnic. He is also a member of the governing board of the Lee Kuan Yew School of Public Policy and a director of the Singapore Exchange, The Islamic Bank of Asia and French business school Insead.
Mr Fam said of his successor: 'With his proven track record of growing Singapore's largest listed company into a regional powerhouse, I am confident that he is the right person to take this company into its 125th year and continue to build on the company's achievements.'
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