News Release London, February 4, 2022
London, February 4, 2022 – ofi, a global leader in naturally good food & beverage ingredients, today announces the appointment of two Non-Executive Directors to its Board of Directors (“the Board”). ofi was created in early 2020 following the announcement of the re-organisation within Olam International Limited (“Olam”) to unlock and maximise its long-term value. ofi intends to seek a primary listing on the premium segment of the London Stock Exchange, and a concurrent secondary listing in Singapore in H1 2022.
Further information on the incoming Non-Executive Directors is given below:
Patrick Coveney is CEO of Greencore Group Plc, a position he has held since 2005 and during which time he led Greencore’s transformation into an international leader in value-added convenience food. Patrick will step down from his role at Greencore and commence a new role as CEO of SSP Group plc in March 2022. Prior to joining Greencore, Patrick worked for nine years at McKinsey & Company in Europe and North America. Patrick is a Non-Executive Director of Glanbia plc and Chair of Core Media.
Amanda Sourry spent over 30 years of her executive career working for Unilever plc where she gained extensive global marketing and business experience in consumer packaged goods. Amanda was most recently President of Unilever North America, and previously President Unilever Global Foods. She was a Member of the Unilever
Leadership Executive from 2015 to 2020. Amanda is currently a Non-Executive Director of The Kroger Co., Trivium Packaging and PVH Corp where she also Chairs the Compensation Committee.
In addition to the above, Niall FitzGerald is Chair of the Board and the Governance and Nominations Committee, Belinda Richards is the Senior Independent Director, Brian May is Chair of the Audit and Risk Committee and Penny Hughes is Chair of the Remuneration and Talent Committee. The Board has two Executive Directors, Chief Executive Officer A. Shekhar, and Chief Financial Officer Rishi Kalra.
Niall FitzGerald, Chair of the Board commented:
“I am delighted to welcome Patrick and Amanda to the Board of ofi, they each have strong strategic and commercial backgrounds gained from their experience in large international companies which will bring significant knowledge and insight to the Board. These appointments continue the building of the ofi Board and further additions will be made before the planned IPO later this year. We now have an effective, skilled and diverse board which meets best practice corporate governance standards and marks an important step in our ongoing preparations for the concurrent listing and demerger of ofi in the first half of this year.”
Commenting on the appointments, Chief Executive Officer A Shekhar said: “It is my pleasure to welcome Patrick and Amanda to ofi and along with my management team I am looking forward to working closely with all our Board directors. Niall has built a strong inaugural Board for ofi which brings together extensive operational and strategic experience which will be invaluable as we embark on the exciting next phase of ofi’s evolution to deliver sustained profitable growth and value creation with measurable social and environmental impact.”
olam food ingredients (“ofi”) is a new operating group born out of Olam. ofi offers sustainable, natural, value-added food products and ingredients so that consumers can enjoy the healthy and indulgent products they love. It consists of industry leading businesses of cocoa, coffee, dairy, nuts, and spices. ofi has built a unique global value chain presence including its own farming operations, farm-gate origination, and manufacturing facilities. ofi partners with customers, leveraging its complementary and differentiated portfolio of ‘on-trend’ food products, to co create solutions that anticipate and meet changing consumer preferences as demand increases for healthier food that’s traceable and sustainable.
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Olam is a leading food and agri-business supplying food, ingredients, feed and fibre to 17,300 customers worldwide. Its value chain spans over 60 countries and includes farming, processing and distribution operations, as well as a sourcing network of an estimated 5 million farmers. By re-imagining global agriculture and food systems, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders.
Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.
Since June 2020, Olam has been included in the FTSE4Good Index Series, a global sustainable investment index series developed by FTSE Russell, following a rigorous assessment of Olam’s supply chain activities, impact on the environment and governance transparency. The FTSE4Good Index Series identifies companies that demonstrate strong Environmental, Social and Governance (ESG) practices and is used by a variety of market participants to create and assess responsible investment funds.
This announcement does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States, Canada, Australia, South Africa, Japan or any other jurisdiction and the securities referred to herein have not been registered under the securities laws of any such jurisdiction. The ordinary shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, in the United States, absent registration under or an exemption from, or transaction not subject to, the registration requirements of, the Securities Act. No public offering of securities is being made in the United States or in any other jurisdiction.
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