Robert Wallace Stepping Down as CEO of Frasers’ FLCT for Family Reasons

The manager of Frasers Logistics & Commercial Trust announced Tuesday that Robert Wallace is stepping down as chief executive at the Singapore-listed REIT for family reasons.

Wallace will remain as CEO until 31 May, the trust’s manager said in a release. In the interim he will work with the management team and the board of directors to ensure a smooth transition.

Wallace has served in his current position since June 2016 after joining FLCT sponsor Frasers Property as executive general manager of investment property for Australia in 2007.

“On behalf of the board, I want to thank Rob for his strong leadership and unrelenting dedication to FLCT over the last seven years,” said Ho Hon Cheong, chairman of the board at the trust’s manager.

Merger Leadership

Ho said Wallace was “invaluable” in leading the merger of Frasers Logistics & Industrial Trust and Frasers Commercial Trust to form FLCT in 2020.

“The progress at FLCT since then has been nothing short of incredible, and the team will continue to carry it forward,” the chairman said. “We are happy for Rob to be back home with his family and wish him all the best for his next chapter.”

According to the manager’s figures, the FLCT portfolio grew in value from an initial S$1.6 billion to over S$6.6 billion ($5 billion) under Wallace’s leadership and now boasts a comparatively low aggregate leverage at 27.9 percent.

“After a lot of reflection, I’ve decided to return to Australia to be with my family,” Wallace said. “I’m confident I’m making this move with FLCT well positioned for continued success.”

Turnover Continues

The appointment of a new chief executive to succeed Wallace will be announced in due course, the trust’s manager said Tuesday.

The transition at FLCT is the latest leadership reshuffle at the Frasers Property empire controlled by Thai billionaire Charoen Sirivadhanabhakdi, coming on the heels of last month’s announcement that Eric Gan would take over as CEO of Frasers Hospitality Trust from Eu Chin Fen.

Also in January, Charoen’s son Thapana joined the Frasers Property board as five directors retired. The 47-year-old assumed the roles of non-executive and non-independent director, member of the executive committee and member of the remuneration committee.

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.