F&N CEO Quits, Citing Differences Of Opinion With Board

Source : Channel NewsAsia, 05 October 2007

Diversified Fraser and Neave (F&N) said on Friday that its CEO, Han Cheng Fong, has resigned with immediate effect.

In a statement to the Singapore Exchange on Friday, F&N said that Dr Han's resignation was due to differences of opinion with the company's board of management.

But the beer-to-property conglomerate maintained that the differences had nothing to do with the financial position or performance of F&N or its subsidiaries.

When contacted, F&N's company secretary Anthony Cheong also told Channel NewsAsia that Dr Han's departure was not triggered by the impending change of F&N chairmanship, contrary to some media reports.

Former SingTel Group CEO Lee Hsien Yang is due to take over the chairmanship from Michael Fam when he retires on October 15. Mr Lee is currently a consultant with F&N.

Dr Han has been F&N's CEO since February last year.

F&N said it is looking for a successor. Meanwhile, the board's chairman will oversee the management until a successor is appointed. - CNA/ir