SINGAPORE - Auric Pacific Group has announced that former SMRT head Saw Phaik Hwa will retire as its chief executive and executive director, effective from May 1.
She will remain as a consultant with the Lippo Group of companies, and will continue to advise Auric Pacific on various matters, the mainboard-listed company said in a filing with the Singapore Exchange on Tuesday night.
Auric, a diversified unit of the Indonesian conglomerate, has a varied portfolio in food manufacturing, distribution and retail. It produces Sunshine bread, and owns Food Junction foodcourts and the Delifrance Asia cafe chain.
Auric's board of directors said they wished to thank Ms Saw for her leadership and contributions to Auric Pacific during her tenure of service since her appointment on May 1, 2012.
Said executive director Stephen Riady: "In her time with us, Ms Saw has turned Auric Pacific from a sales-led to a marketing-led business. She has raised the profile of our brands and turned many of them into household names, and refreshed the look of many of our established brands."
Dr Riady added that Ms Saw had also strengthened Auric Pacific's operational strength, and re-organised the group's IT and infrastructure framework.
Ms Saw said in the statement that she was grateful to the management and staff for making her three years at Auric Pacific most exciting.
The board said it has a succession plan in place and will announce a new CEO in due course.