Bengaluru – Singapore’s Olam Group said on April 10 that founder and chief executive Sunny Verghese, along with several senior executives, will step down later in April, as the conglomerate presses ahead with a reorganisation plan to split into separate operating businesses.
The company has been undergoing a transformation since 2020, reorganising its operations into three distinct units: Olam Agri, ingredients maker ofi, and Remaining Olam Group. The restructuring aims to simplify the corporate structure, reduce debt levels and give investors clearer visibility into each business segment.
Mr Verghese, who co-founded Olam nearly four decades ago, will relinquish his role as group CEO at the conclusion of the company’s annual meeting on April 27. He, however, will remain chief executive of Olam Agri, the food staples and grains division that is in the process of being sold to Saudi agricultural investment firm SALIC.
Olam said on April 10 that chairman Lim Ah Doo will also step down, while chief financial officer N Muthukumar will exit, joining Mr Verghese to help run Olam Agri as the chief operating officer, which he assumed since March 2025.
The food and agri-business conglomerate will appoint Venkataraman Krishnan as its new group CFO, while deputy chair Yap Chee Keong will take over the chairman position. REUTERS
