Singapore-based food-and-drinks group Fraser and Neave has named former FrieslandCampina executive Rahul Colaco as its new CEO.
Colaco will take the helm on Wednesday (1 October), joining from Thai drinks giant Thai Beverage.
The 51-year-old succeeds Hui Choon Kit, who has worked at Fraser and Neave for 25 years and has been CEO since 2022.
Fraser and Neave chairman Koh Poh Tiong said: “Rahul is a seasoned leader with a strong track-record in building brands, driving growth and delivering results across diverse markets. The board is confident that he will lead F&N into its next phase of growth, building on our strong foundations and seizing opportunities in a dynamic operating environment.”
Colaco worked for FrieslandCampina from 2009 to 2019, rising to become president of the Dutch dairy group’s business in China.
He joined Thai Beverage in 2020 and, for the last year, has been the international spirits chief at the Old Pulteney whisky maker.
Colaco, who also spent five years at Unilever earlier in his career, said: “It is an honour to be entrusted with the leadership of F&N, a company with such a rich heritage and strong portfolio of brands.”
Fraser and Neave, which owns brands including Nutri Soy soya milk and 100 Plus isotonic drinks, has a financial year that runs to the end of September. In the 12 months to 30 September 2024, the company generated S$2.16bn (US$1.68bn), up 3% on a year earlier. Profit after tax increased 6.8% to S$219.1m.
The group, which also has interests in printing and publishing, said all its food and drinks businesses grew during the 12-month period.
In August, Fraser and Neave published a trading update for the first nine months of the financial year that is coming to an end in five days.
Revenue grew 9.7% to S$1.77bn amid growing sales from its food and drinks arm. Profit after tax fell 6.4% to S$169.5m, with lower earnings from soft drinks a factor.
Koh added: “On behalf of the board, I would like to extend our thanks and deep appreciation to Choon Kit for his contributions and leadership. Over the past 25 years, he has served F&N with full dedication and successfully steered the group through a dynamic business environment.”
Hui, who is retiring, said: “It has been a privilege to lead F&N and to work alongside such a talented and dedicated team. Together, we have navigated challenges and seized opportunities to strengthen the group. I am proud of what we have accomplished and I am confident that under Rahul’s leadership, the group will continue to achieve even greater success.”
