FGV appoints Yusli and Hoi as independent directors

PETALING JAYA: FGV Holdings Bhd has appointed Datuk Yusli Mohamed Yusoff ( pic), 59, as its independent director and chairman of its nomination committee.

In a filing with Bursa Malaysia yesterday, the palm oil producer also announced that it had appointed Datin Hoi Lai Ping, 57, as its independent director, as well as a member of the company’s audit committee.

In other filings with the local bourse, FGV said Datuk Yahaya Abdul Jabar had resigned as a member of the company’s audit committee.

Yahaya, 65, has also been redesignated as a nomination committee member from chairman previously.

The changes in the company’s boardroom come amid a shake-up among the company’s top executives.

Earlier this week, Reuters had reported that three top executives had left the company at the end of last month.

Citing sources, the news wire said the departure of the senior executives, which had not yet been made public, came as FGV inves- tigates several of its business practices following “adverse findings” from an earlier probe into its investments.

The investigation, initiated by FGV’s board of directors, is examining poor trading practices and palm oil sales, a worker shortage and other problems that have led to financial losses, according to a statement last week.

According to Reuters, FGV’s new chairman, Datuk Wira Azhar Abdul Hamid, said the company was also investigating some members of the board and management.

The three sources who were aware of the executives’ departure told Reuters that the company’s chief operating officer of plantations Palaniappan Swaminathan, chief human resources officer Mohd Najid Yahya, and chief procurement officer Abdul Razak Yunus had left the company.

The three sources declined to be identified due to the sensitive nature of the issue.

Shares in FGV have fallen over 70% since its 2012 initial public offering, amid allegations by analysts and investors of poor company management.