F&N Says Search For New CEO Still On

Source : The Straits Times, Nov 13, 2007

FRASER & Neave (F&N) yesterday denied speculation in a report in The Business Times (BT) that it has halted its search for a new chief executive (CEO).

‘We have just started the search,’ F&N told The Straits Times.

A spokesman added that the company wants to find the right person and is in no hurry.
Since the departure of Dr Han Cheng Fong over a month ago due to differences of opinion with the F&N board, newly-

appointed chairman Lee Hsien Yang has been overseeing management of the company.
Mr Lee took over from Dr Michael Fam, who recently retired.

The BT report yesterday said the differences that had caused Dr Han to leave F&N included a proposal to hive off and possibly separately list the property, food and beverage, and publishing arms of the company.

The value of these separate units can exceed the total value of F&N now.

F&N told The Straits Times that it currently has no plans to spin off any of its three core businesses, namely, property, food and beverage, and publishing.

‘We are in multiple businesses, so we review them to see if they are relevant,’ the spokesman said, but he added that there are no plans to list these businesses separately.

F&N’s full-year results and that of its subsidiary, Asia Pacific Breweries, will be announced today.