Frasers Property Appoints Chairman’s Son to Board as 5 Directors Exit

Frasers Property Ltd, the Singapore-listed real estate giant chaired by Thai billionaire Charoen Sirivadhanabhakdi, has appointed Charoen’s son Thapana to the company’s board and at the same time announced the retirements of five directors.

In a statement dated 12 December, Frasers Property said the 47-year-old Thapana would assume the roles of non-executive and non-independent director, member of the executive committee and member of the remuneration committee, with effect from 1 January 2023.

That same date will see the retirements of Charles Mak Ming Ying, Chan Heng Wing, Philip Eng Heng Nee, Weerawong Chittmittrapap and Chotiphat Bijananda as non-executive and non-independent directors of the company.

The changes “are in line with the company’s plans for board refreshment and renewal”, according to Frasers Property, which said further updates would be forthcoming.

All in the Family

Thapana has served as the president and CEO of the Bangkok-based, Singapore-listed drinks company founded by his father, Thai Beverage, since January 2008.

The graduate of Boston University also sits on the boards of ThaiBev, Singapore-based food conglomerate Fraser & Neave and Thai-listed developer Univentures.

In addition to Charoen, Thapana joins a board of directors that includes his mother, Khunying Wanna, and younger brother, Panote, who respectively serve as vice-chairman and CEO of Frasers Property.

“The board is of the view that Mr Sirivadhanabhakdi’s appointment would provide further diversity to the core competencies and skill set of the board,” company secretary Catherine Yeo said.

Committee Reshuffle

Frasers Property also announced the appointments of Chin Yoke Choong as chairman of the remuneration committee, succeeding Philip Eng Heng Nee, and Pramoad Phornprapha as chairman of the nominating committee and the sustainability and risk management committee, replacing Weerawong Chittmittrapap and Chotiphat Bijananda, respectively.

Eng and Weerawong served as non-executive and independent directors of Frasers Property for nine years before their redesignation as non-executive and non-independent directors in October of this year.

Chotiphat, the brother-in-law of Thapana and Panote, has served as a non-executive and non-independent director of Frasers Property since March 2013.