FJ Benjamin Holdings (FJB) announced on Dec 12 that founder and non-executive chairman Frank Benjamin will be retiring after 63 years at the Southeast Asian fashion retailer’s helm.
Benjamin will hand over board leadership to CEO Nash Benjamin who will move up as executive chairman from Jan 1 2023 and relinquish his current position to COO Douglas Benjamin, who has over 30 years of experience in FJB’s retail and distribution business.
In recognition of Benjamin’s service to the company, he will be appointed its emeritus chairman and founder. He will also be appointed advisor to FJB’s board for a period of three years.
The leadership changes come at a pivotal time as the company regains its momentum following nearly three years of the pandemic that upended retail businesses.
Benjamin says: “I will miss many of the people in the group whom I have worked with, some for decades. But I know the business is in good hands. Nash and Douglas have been steering the Group in recent years through the difficult period of reorganising our brand portfolio and recently through the Covid-19 pandemic.
“I have every confidence that with their experience and expertise, they will be able to take the business back to the growth trajectory of the past,” he adds.
Since the onset of the pandemic, FJB has accelerated the digitalisation of its sales channels, moving more customers online while diversifying its customer base.
Says group CEO Nash: “FJ Benjamin and everything we are and have been, we owe to Frank. His entrepreneurial skills, vision, passion for the business and his strong grasp of the ever-changing consumer landscape have guided us over the years.”
Douglas adds: “We will continue to fight the good fight, always looking to improve efficiencies and bring relevant brands and businesses into the fold, while looking to the future to diversify the activities of the company.
Shares in FJB closed 0.1 cents or 4.17% down at 2.3 cents on Dec 12.