Olam announces changes to the Board of Directors

The Board of Directors of Olam International Limited (“Olam”, “the Group” or “the Company”) wishes to announce that Mr Narain Girdhar Chanrai will retire as Non-Executive Director of the Board on December 2, 2015. Mr N. G. Chanrai said: “As a member of the founding family sponsor, I have been a part of the Olam family ever since its incorporation and have been a Non-Executive Director on its Board since inception.

During this time, the Company has grown from a small start-up in Nigeria to a global agri-business leader today. Olam has been a significant part of the Kewalram Chanrai Group (KC) and I am extremely proud to have played a part in its success.

“My stepping down is part of an on-going Board renewal plan that was initiated in 2012. It also allows me to focus on my other commitments and responsibilities as the Group CEO of the KC Group.

“With Temasek’s majority stake and the recent addition of Mitsubishi Corporation to the shareholder register and the Board, I am confident the Company is poised for even greater success in the future.”

Mr Chanrai, currently the Group CEO of the KC Group and Managing Director of Kewalram Singapore Limited, was first appointed to Olam’s Board as a Non-Executive Director in 1995 and has served on various Board committees, including the Audit & Compliance Committee, Capital & Investment Committee, Governance & Nomination Committee and the Corporate Responsibility & Sustainability Committee.

Olam’s Chairman Mr Kwa Chong Seng said: “My fellow Board members and I would like to place on record our deep appreciation for the vision and leadership that Mr Chanrai has provided to the Olam group over the past 25 years. He has played a vital part in promoting and backing Olam every step of the way from a one-country, one-product business to a leading global agri-business with 16 product platforms spanning 65 countries.”

Olam’s Co-founder, Group Managing Director and CEO, Sunny Verghese said: “Olam would probably have not reached where it is today had it not been for the foresightedness of the KC Group and Mr Chanrai in particular. On behalf of the 23,000 strong Olam family, I would like to express my deepest gratitude for his support and guidance over the past 25 years.”

With Mr Chanrai stepping down, the composition of the Board Committees will be as follows: