Instead, F&N will operate with three CEOs - one to run each of its main business groups: food and beverage (F&B), property, and publishing and printing, the conglomerate announced yesterday.

As recently as January, at F&N's annual general meeting, the company had indicated that its search for a group CEO was ongoing, in response to shareholders' queries. But by May, when the question was raised again at its second-quarter results briefing, F&N would say only that it was hoping to make an announcement 'soon'.

With effect from Oct 1, the current Asia Pacific Breweries (APB) head Koh Poh Tiong will be the CEO of F&N's food and beverage business, which contributed more than half of F&N's revenues last year.

APB, an F&N unit, has appointed Mr Roland Pirmez to replace Mr Koh. Mr Pirmez, a Belgian, has 23 years of experience in the brewing industry, including a four-year stint as general manager of APB associate Thai Asia Pacific Brewery, before taking on his current position as Heineken Russia's CEO.

Mr Lim Ee Seng, CEO of Frasers Centrepoint, the property arm of F&N, will continue in his current position.

He will also take on the role of chairman of the boards of F&N's property-related companies such as Hong Kong-listed Frasers Property (China) and Frasers Centrepoint Asset Management, which manages the Singapore-listed Frasers Centrepoint Trust.

F&N's publishing and printing arm, which includes the Times Bookstores chain, is headed by Mr Ng Jui Sia.

The company said Morgan Stanley had been hired help it evaluate 'various strategic options' on what to do with this business group.

F&N said the decision not to appoint a group CEO was made following a review that recognised the distinct characteristics of the group's two core contributors to profits, F&B and properties, and the difficulty of recruiting one person with all the necessary skills to realise the full potential of these businesses.

The trio will report to F&N's board, which is headed by non-executive chairman Lee Hsien Yang, via a newly created chairman's office.

This new structure, said Mr Lee, who has been overseeing F&N's operations following Dr Han's departure, 'will best serve the strategic interests of F&N with a CEO focusing on driving each of our business interests'.

chuahh@sph.com.sg

PROVEN TRACK RECORD

Mr Lim Ee Seng will remain the CEO of Frasers Centrepoint. Mr Roland Pirmez, currently Heineken Russia's CEO, will head APB.

HEADING KEY BUSINESS

Mr Koh Poh Tiong will be the new CEO of F&N's food and beverage business, which contributed more than half of the group's revenues last year.