SINGAPORE — Olam International Limited announced on Aug. 12 that Rangareddy Jayachandran will retire as non-executive chairman and director of the board on Oct. 31 and Deputy Chairman Chong Seng Kwa will take over on the same day.

“I have been a non-executive director for Olam for 20 years and its chairman since 2006. Over this period, Olam has transformed from a single country, single product company to a global leader in agri-business,” said Jayachandran. “I am proud to have been closely involved with several key milestones in Olam’s remarkable journey so far.”

“My stepping down is the culmination of a thoughtful and deliberate succession planning process and board renewal plan that I had initiated in 2012. The time feels just right to extend an integral part of this succession plan further.”

Kwa has served as Olam’s deputy chairman since October 2014. He has extensive industry and corporate experience. He served as the chairman and managing director of ExxonMobil Asia Pacific Pte Ltd, and also served as the deputy chairman of Temasek Holdings (Private) Ltd from 1997 to 2012. He is currently the chairman of the boards of Neptune Orient Lines Ltd, Singapore Technologies Engineering Ltd and Fullerton Fund Management Co. Ltd. He sits on the board of the Singapore Exchange Ltd and the Defense Science and Technology Agency, and is also deputy chairman of the Singapore Public Service Commission. He also served on various other boards including that of DBS Group.

“Jaya has guided Olam as its chairman over the last decade with a true stewardship mindset and a great degree of far sightedness,” said Kwa. “Under his watch, Olam became a public company, employing 23,000 people and building leading positions in key products and markets in 65 countries. It is clear that Jaya’s strong leadership has helped make Olam what it is today. Along with my fellow board members and management team, I intend to build on the foundation that Jaya has laid to steer Olam in its next phase of growth.”