Yeo’s CEO Ong Yuh Hwang to step down; Nestle’s Adrian Ho named successor
[SINGAPORE] Food and beverage company Yeo Hiap Seng’s chief executive officer Ong Yuh Hwang is resigning and will hand over the reins to Adrian Ho, Nestle’s vice-president and regional manager for the Asia, Oceania and Africa zone.
Ho will assume his new role on Sep 1.
Ong, 54, who succeeded Samuel Koh as CEO on Jan 1, 2023, is stepping down for “personal reasons”, the company said in a bourse filing on Monday (Jul 20).
His resignation will take effect on Aug 31 to ensure a smooth handover of responsibilities, added the company.
Monday’s announcement comes close to four months after the company cut 9 per cent of its Singapore headcount to move canning operations to Malaysia.
Yeo’s chairman, Na Wu Beng, said the group has put in place a rigorous succession and handover process to ensure continuity in its operations, strategic priorities and engagement with key stakeholders.
“We remain focused on executing Yeo’s plans and strengthening the business and organisation for sustainable long-term growth,” noted Na.
“Adrian will lead Yeo’s through its next phase of development, with a focus on driving business growth, strengthening product proposition and organisational efficiency, as well as capability-building and talent development.”
The company said that Ho, 54, has more than 30 years of experience in the fast-moving consumer goods industry with Nestle, spanning leadership roles across Europe and Asia.
Over the course of his career, he has overseen strategy, operations, marketing and sales, as well as senior leadership and general management functions.
It added that, as senior vice-president and head of Nescafe, coffee and beverages in Greater China previously, Ho had full profit-and-loss responsibility for the business, “which grew fourfold during his tenure”.
Na said that Ho’s “deep experience in the consumer goods arena across Asia and internationally will serve the group well”, adding that he was confident Ho would build on the foundation laid by Ong.
Ong joined Yeo’s as chief operating officer in September 2022 after serving as CEO of Suntory Garuda Beverage Indonesia for two years. He has also held positions in Procter & Gamble previously.
Shares of Yeo’s closed flat at S$0.57 on Monday, before the announcement.
