Anthony Boyd is set to become group chief operating officer (Image: Frasers Property)
Frasers Property has elevated Anthony Boyd, who currently serves as chief executive of the Singapore-listed developer and investor’s Australia business, to the newly created role of group chief operating officer as part of a broader leadership shuffle at both the group and business unit levels.
Boyd, who is currently based in Sydney, is set to oversee the group’s investments, strategic communications and branding, procurement and supply chain, as well as digital and technology functions. The 19-year Frasers veteran will also lead Frasers Property Capital, which manages the company’s capital partnerships with strategic institutional investors.
Lim Hua Tiong, who currently serves as chief executive of Frasers Property Vietnam as well as Frasers’ 16.7 hectare (41.3 acre) One Bangkok integrated commercial project in the Thai capital, will take on an expanded role as chief executive of Asia emerging markets.
Bangkok-based Lim, who was also appointed to the board of Frasers Property Thailand, will oversee Frasers’ operations in Thailand, Vietnam and China, which the company noted are “key emerging markets of opportunities and potential”.
“The organisational structure of the group needs to support the delivery of our strategy and goals,” said Panote Sirivadhanabhakdi, chief executive of Frasers Property. “These leadership changes will enable us to draw deeper upon group synergies, strengthen business resilience, and build further upon our strengths from both a geography and asset class perspective.”
As Frasers announces the leadership moves, its share price has been hovering near all-time lows despite the company having grown its property assets by 190 percent and its revenue by 92 percent since its listing 10 years ago.
Appointments and Departures
Also featured in the management shuffle is Zheng Wanshi, who will see her current role of group chief strategy and planning officer upgraded to group chief strategy and sustainability officer, where she will integrate risk management and sustainability with the company’s overall strategy. She will also oversee the group’s legal and corporate secretariat and data protection functions.
Lim Hua Tiong is now chief executive of Asia emerging markets (Image: Frasers Property)
The personnel changes, which the company described as “aimed at simplifying the organisational structure to build a more resilient and future-ready organisation in alignment with company strategy,” were announced on Monday and will go into effect on 1 February.
Cameron Leggatt, executive general manager of development at Frasers Property Australia, will take over Boyd’s role as chief executive of Frasers Property Australia, where he will be responsible for development, investment and portfolio management in the company’s second-largest market.
Loo Choo Leong remains group chief financial officer, while Vicki Ng has been named group chief people officer. Soon Su Lin, Ilaria del Beato, Reini Otter and Eu Chin Fen will remain in their roles as chief executives of Frasers Singapore, UK, Industrial and Hospitality, respectively.
Group chief corporate officer Chia Khong Shoong and Frasers’ China chief executive Lorraine Shiow, who have worked at Frasers for the last 15 and 11 years respectively, will both depart the company on 1 March to pursue personal interests.
Following the management changes, the company will have six business units reporting directly to Panote, instead of eight, as well as four group executive leadership roles, all of which are expected to “drive the global strategic direction, as well as enable synergies and governance across the group.”
“The group has grown rapidly over the years. After a decade of reshaping our portfolio and building competitive business platforms, we are entering the next phase of our journey,” said Panote, the youngest son of the company’s billionaire chairman, Thai alcohol tycoon Charoen Sirivadhanabhakdi. “We will continue to focus on delivering long-term sustainable value creation and returns for the business.”
Share Price Slide
The leadership shuffle comes as Frasers’ controlling shareholder is reportedly conducting a strategic review of the business which could involve a sale of some of its assets or the company outright. The review was first reported by the Wall Street Journal last week, was with the company last Friday denying any movements toward a sale of the company or its assets, with Frasers saying in a statement it “has not been informed, and is not aware of, any discussions in relation to the proposed transactions.”
A senior finance executive in Singapore told Mingtiandi that Frasers could have been approached by investment banks to explore restructuring the company toward an asset-light model.
By privatising its development operations and spinning off its fund management business under a separate listing, similar to CapitaLand’s $15.9 billion restructuring in 2021, the company could potentially boost its share price, which has fallen 46 percent over the last five years.
Frasers, which has operations in over 20 countries and counts Singapore, Australia and Europe/UK as its three largest markets, reported a 81 percent decline in attributable net profit to S$173 million for the fiscal year ending September 2023, largely due to S$446 million in fair value losses on business parks in the UK and industrial assets in Australia and Europe.
The markdowns, which swung the company to an attributable net loss of S$53 million in the second half of the fiscal year ending September, were attributed to significant portfolio yield expansion on the back of higher capitalisation rates and a high interest rate environment, as well as softer leasing demand for its UK business parks due to the post-pandemic work-from-home office trend.
Note: This story has been updated to show that the reported strategic review of Frasers is said to be driven by its controlling shareholder, not by the company itself. Mingtiandi regrets the error.
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