Olam International Ltd announced on Monday that two of its board directors, Tse Po Shing Andy and Sridhar Krishnan, would be stepping down immediately after the group's 19th annual general meeting (AGM) on Oct 30, 2013, as part of its board renewal efforts.
Replacing them is Sanjiv Misra, chairman of the Asia Pacific Advisory Board for Apollo Management and president of Phoenix Advisers Ptd Ltd.
Mr Misra will be appointed as a non-executive and independent director with effect from Nov 1, 2013.
Mr Tse is currently a non-executive and independent director at Olam, and chairman of the group's risk committee. He has served on the board for ten years and nine months as at June 30, 2013.
Mr Krishnan is an executive director and a member of both the risk and the corporate responsiblity & sustainability committees. He has served 15 years and 2 months.
Olam's board succession efforts are carried out to ensure continuity and progress of the company.
It announced in July this year its board renewal plans which include gradually retiring its longest-serving independent directors at each AGM over the next three years; appointing new independent directors to fill the vacancies of the outgoing independent directors; and subjecting all newly-appointed independent directors to a term of office comprising two terms of three years each, with an additional term of three years at the sole discretion of the board, and subject to a maximum tenure of no more than nine years.