Press Release

    Change to the Board

    Press release

    Non-Executive Director NG Chanrai to retire after 20 years on Olam’s Board

    The Board of Directors of Olam International Limited (“Olam”, “the Group” or “the Company”) wishes to announce that Mr Narain Girdhar Chanrai will retire as Non-Executive Director of the Board on December 2, 2015.

    Mr N. G. Chanrai said: “As a member of the founding family sponsor, I have been a part of the Olam family ever since its incorporation and have been a Non-Executive Director on its Board since inception. During this time, the Company has grown from a small start-up in Nigeria to a global agri-business leader today. Olam has been a significant part of the Kewalram Chanrai Group (KC) and I am extremely proud to have played a part in its success.

    “My stepping down is part of an on-going Board renewal plan that was initiated in 2012. It also allows me to focus on my other commitments and responsibilities as the Group CEO of the KC Group.

    “With Temasek’s majority stake and the recent addition of Mitsubishi Corporation to the shareholder register and the Board, I am confident the Company is poised for even greater success in the future.”

    Mr Chanrai, currently the Group CEO of the KC Group and Managing Director of Kewalram Singapore Limited, was first appointed to Olam’s Board as a Non-Executive Director in 1995 and has served on various Board committees, including the Audit & Compliance Committee, Capital & Investment Committee, Governance & Nomination Committee and the Corporate Responsibility & Sustainability Committee.

    Olam’s Chairman Mr Kwa Chong Seng said: “My fellow Board members and I would like to place on record our deep appreciation for the vision and leadership that Mr Chanrai has provided to the Olam group over the past 25 years. He has played a vital part in promoting and backing Olam every step of the way from a one-country, one-product business to a leading global agri-business with 16 product platforms spanning 65 countries.”

    Olam’s Co-founder, Group Managing Director and CEO, Sunny Verghese said: “Olam would probably have not reached where it is today had it not been for the foresightedness of the KC Group and Mr Chanrai in particular. On behalf of the 23,000 strong Olam family, I would like to express my deepest gratitude for his support and guidance over the past 25 years.”

    With Mr Chanrai stepping down, the composition of the Board Committees will be as follows:

    Audit & Compliance Committee
    Michael Lim Choo San (Chairman)
    Robert Michael Tomlin
    Nihal Vijaya Devadas Kaviratne, CBE
    Katsuhiro Ito
    Yap Chee Keong

    Capital & Investment Committee
    Sanjiv Misra (Chairman)
    Kwa Chong Seng
    Jean-Paul Pinard
    Marie Elaine Teo
    Yutaka Kyoya
    Shekhar Anantharaman
    Sunny George Verghese

    Corporate Responsibility & Sustainability Committee
    Jean-Paul Pinard (Chairman)
    Robert Michael Tomlin
    Nihal Vijaya Devadas Kaviratne, CBE
    Marie Elaine Teo
    Katsuhiro Ito
    Shekhar Anantharaman

    Governance & Nomination Committee
    Michael Lim Choo San (Chairman)
    Kwa Chong Seng
    Yap Chee Keong
    Katsuhiro Ito

    Human Resource & Compensation Committee
    Kwa Chong Seng (Chairman)
    Jean-Paul Pinard
    Sanjiv Misra
    Yutaka Kyoya

    Risk Committee
    Robert Michael Tomlin (Chairman)
    Michael Lim Choo San
    Sanjiv Misra
    Yap Chee Keong
    Marie Elaine Teo
    Yutaka Kyoya
    Sunny George Verghese

    . . . . .
    Issued on behalf of Olam International Limited by:
    WATATAWA Consulting, 28 Maxwell Road #03-03 Red Dot Traffic Building Singapore 069120

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    About Olam International Limited

    Olam International is a leading agri-business operating across the value chain, supplying various products across 16 platforms to over 13,800 customers worldwide. From a direct presence in more than 65 countries with sourcing and processing in most major producing countries, Olam has built a global leadership position in many of its businesses. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and the DAXglobal Agribusiness Index. Olam is the only Singapore firm to be named in the 2009, 2010 and 2012 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region. It is also the first and only Singapore company to be named in the 2009 lists for the Global Top Companies for Leaders and the Top Companies for Leaders in the Asia Pacific region by Hewitt Associates, the RBL Group and Fortune.

    Olam is located at 9 Temasek Boulevard #11-02 Suntec Tower Two Singapore 038989, Telephone: +65 63394100, Facsimile: +65 63399755.

    More information on Olam can be found at www.olamgroup.com.

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