Singapore’s Olam Group (OGL) is reshuffling its executive team, including a switch in chairman at the food and ingredients business and a CEO change.

Lim Ah Doo will stem down as chairman at the group’s annual general meeting on 27 April as he completes a nine-year stint as non-executive and independent director of the Singapore-listed company.

Yap Chee Keong, who is deputy chairman and board chair, will step up into the chairmanship “to ensure continuity as the group executes its re-organisation plan”, according to a statement.

Co-founder and executive director Sunny Verghese will relinquish the position of group CEO at the same AGM. Verghese will remain chief executive of what is left of the divisional agriculture business, or Olam Agri.

Olam Group is in the process of divesting its agriculture division to the Saudi Agricultural and Livestock Investment Company, otherwise known as Salic, which is owned by Saudi Arabia’s sovereign-wealth fund PIF.

Verghese said: “The past year marked a defining milestone in our re-organisation journey as we took decisive steps to improve the performance of our underlying operating groups, strengthen the group’s balance sheet, enhance their resilience and unlock value for our shareholders.

“It has been an honour to co-found and lead OGL for the last 37 years and I am filled with immense gratitude, pride and satisfaction reflecting on our journey together in successfully building OGL into a respected, global market leader with significant positive impact in our industry.”

The reshuffle will see Gautam Wadhwa taking over the CEO seat of the remaining group which will include OGL and Olam Food Ingredients (OFI).

According to the statement, he will be “primarily responsible for the successful monetisation and divestments of the assets and businesses in OGH”.

OFI will continue to be led by CEO Shekhar Anantharaman. He will also become executive director of Olam Group.

Outgoing chair Ah Doo said: “The group embarks on a new chapter of leadership from a position of strength, underpinned by strong foundations built through years of disciplined stewardship, giving the renewed board a stable platform from which to steer the group confidently into the future.”

The management changes at the dairy to bakery, snacks and beverages business were announced alongside Olam Group’s annual results.

Fiscal 2025 revenue rose 19.3% to S$67bn ($52.6bn). EBIT climbed 13.2% to S$2.19bn, while profit rose to S$600.7m from S$201.5m a year earlier.

Basis EPS grew to 10.9 Singapore cents from 1.4.