Major changes announced
FMF Foods Ltd has made some major internal restructures to its board of directors.
In its announcement released by the South Pacific Stock Exchange recently, the company announced the appointment of Ram Bajekal as chairman of the company with effect from March 26, 2021.
Mr Bajekal has stepped down from the position of managing director of the company with effect from the close of the business hours on March 27, 2021.
However it was stated he would continue to act in his capacity as the non-executive director of the company.
Mr Bajekal's employment contract with the company ended on March 27, 2021.
According to the company he had expressed his intention to step down from the office of the managing director, though continue to remain a director.
The company stated Mr Bajekal had significantly contributed to growing the company and the group under his leadership to become one of the most admired companies in the South Pacific region.
“The board placed on record its deep appreciation for the contributions of Ram Bajekal during his tenure as chief executive officer and managing director of the company and for the significant contributions he has made to the management of the affairs of the company and for the valuable advice provided to the board from time to time,” stated the company.
Mr Bajekal had been at the helm of company and the group for more than four decades and was part of succession planning.
He had tendered his resignation as the director and chairman of the company to be effective from March 25, 2021.
His appointed comes after the resignation of Hari Punja as the director and chairman of the company.
“Hari Punja has been a director of the company since year 1979.
“He was instrumental in getting the company listed on the South Pacific Stock Exchange (then called 'Suva Stock Exchange') in the year 1979.
“Under his able leadership, the company and the group have grown from strength to strength to make 'FMF' a renowned household brand across the Pacific,” stated the company.
Mr Punja's commitment to excel, his vision and leadership resulted in the group significantly expanding its portfolio of products under a multitude of businesses.
The group had received many awards during his leadership, including three Prime Minister's Exporter of the Year Awards.
The board has also appointed Mr Punja as chairman of Emeritus with effect from the conclusion of the board meeting of the company on March 25, 2021 considering his vast experience, wisdom, farsightedness and invaluable knowledge.
The company also announced the appointment of Sanjay Punja
as the managing director of the company.
Mr Punja had been appointed as the managing director of the company with effect from March 28, 2021.
“In an earlier stint Sanjay Punja had held the position of director and chief executive officer of the company and the group from the year 1992 to 2009 and has enormous experience in managing the affairs of the business, especially in the manufacturing and FMCG industry.”
Jenny Seeto was also announced to be appointed as an independent director of the company with effect from March 25, 2021.
She was also appointed as the chairwoman of the audit and finance sub-committee of the company.
Ms Seeto was a chartered accountant, consultant and mediator, having retired from PricewaterhouseCoopers in 2017 where she held the role of senior partner.
The company stated she had an extensive experience in providing assurance, taxation, human resources and advisory services to a diverse range of international, regional and local organisations in various sectors including the manufacturing, retail, finance and insurance sectors.
Ms Seeto is a facilitator with the Australian institute of company directors and chairs its local advisory board.
According to the announcement Ms Seeto is also on the board of two other listed entities and is also a trustee of the Fiji Commerce and Employers Federation, actively involved in the not-for-profit sector either as a board member or trustee. Further appointments: Rice Company of Fiji Ltd
Ram Bajekal has also resigned from the board as the director and managing director of the Rice Company of Fiji Ltd effective from March 27, 2021
Sanjay Punja was appointed by the board as the director and chairman coming into effect from March 24, 2021 and managing director of the company with effect from March 28, 2021.
Ms Seeto was appointed as an independent director of the company effective from March 24, 2021 as the board had further appointed her as chairperson of the Audit and Finance Sub-Committee of the company.
Atlantic & Pacific Packaging Company Ltd
Mr Bajekal stepped down from his position as the managing director of Atlantic & Pacific Packaging Company Ltd as of March 27, 2021 however he would continue to remain on the board as a non-executive director of the company
Sanjay Punja has been appointed as the CEO of Atlantic & Pacific Packaging Company Ltd as of March 24, 2021.
Ms Seeto was appointed as the independent director of the board of the company as of March 24, 2021 as well as the chairwoman of the audit and finance sub-committee of the company.