Olam International
Kwa Chong Seng, Olam International’s independent non-executive chairman.

SINGAPORE — Kwa Chong Seng, Olam International’s independent non-executive chairman, gave his resignation as director and chairman of the board to fulfill his new appointment as chairman of the Singapore Exchange Limited (SGX).

Olam’s board of directors accepted his resignation on Aug. 29 and has initiated the process of appointing a new chairman.

 “With my appointment as chairman of Singapore Exchange Limited (SGX) effective Sept. 22, stepping down from the Olam board will allow me more time to devote to my new responsibilities at SGX,” Chong Seng said. “I would, however, stay on Olam’s board as chairman and independent director until a new chairman is appointed to ensure a seamless handover and oversee an effective transition over the course of the next few months.”

Chong Seng has been on Olam’s board since October 2014 originally as deputy chairman, and chairman of the board since October 2015.

“Chong Seng’s tenure as chairman has had a significant impact on Olam’s strategy and business,” said Sunny Verghese, Olam’s co-founder and group chief executive officer. “During his tenure, he oversaw the landmark strategic partnership with Mitsubishi Corporation, which is expected to provide several sources of synergy that will help accelerate Olam’s growth. He also oversaw several organic and inorganic growth initiatives that helped Olam to build market leading positions in its prioritized platforms, which included the acquisition of ADM’s cocoa processing business, U.S. peanut shellers McCleskey Mills and Brooks Peanuts, and the wheat milling and pasta manufacturing assets of the BUA group in Nigeria.”