Food and beverage company Yeo’s has announced the resignation of current group CEO Samuel Koh, which will take effect on Dec 31.
In a release, Yeo’s said Koh resigned to pursue other interests, and will take on the role of a consultant to the company from Jan 1 to June 3, 2023 to ensure an orderly transition. The date could be earlier, if mutually agreed.
Yeo’s will promote current COO Ong Yuh Hwang to succeed Koh as CEO from Jan 1 2023, while current deputy CFO Daphne Heng will assume the role of CFO on Dec 9.
Yeo’s chairman Daryl Ng thanked Koh for his service over the past three years, and also expressed confidence in Ong and Heng.
“Both of them possess considerable expertise and experience, and more importantly, will inject fresh energy and perspective to chart the next stage of Yeo’s growth plans as regional economies recover from the pandemic,” Ng said.
Before joining Yeo’s as COO in September 2022, Ong served as CEO of Suntory Garuda Beverage Indonesia for over two years, and before that, was at Procter and Gamble from 1996 to 2020.
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Heng joined Yeo’s in July 2020 and was formerly from Jardine Matheson. Before that, she had spent three years with Haier Group.
Ong will be responsible for the overall management, operations and performance of Yeo’s, while Heng will be responsible for the finance functions of the company.
Shares of Yeo’s closed at 64 cents on Dec 9, up one cent or 0.64% higher than its previous close.