ThaiBev spirits chief Colaco named new Fraser and Neave CEO

Singapore-based food-and-drinks group Fraser and Neave has employed senior Thai Beverage government Rahul Colaco as its new CEO.

Colaco will take the helm on Wednesday (1 October). The 51-year-old succeeds Hui Choon Equipment, who has labored at Fraser and Neave for 25 years and has been CEO since 2022.

Fraser and Neave chairman Koh Poh Tiong mentioned: “Rahul is a seasoned chief with a powerful track-record in constructing manufacturers, driving development and delivering outcomes throughout various markets. The board is assured that he’ll lead F&N into its subsequent section of development, constructing on our robust foundations and seizing alternatives in a dynamic working setting.”

Colaco labored for FrieslandCampina from 2009 to 2019, rising to turn into president of the Dutch dairy group’s enterprise in China.

He joined ThaiBev in 2020 and, for the final yr, has been the worldwide spirits chief on the Previous Pulteney whisky maker.

Colaco, who additionally spent 5 years at Unilever earlier in his profession, mentioned: “It’s an honour to be entrusted with the management of F&N, an organization with such a wealthy heritage and robust portfolio of manufacturers.”

Fraser and Neave, which owns manufacturers together with Nutri Soy soya milk and 100 Plus isotonic drinks, has a monetary yr that runs to the top of September. Within the 12 months to 30 September 2024, the corporate generated S$2.16bn (US$1.68bn), up 3% on a yr earlier. Revenue after tax elevated 6.8% to S$219.1m.

The group, which additionally has pursuits in printing and publishing, mentioned all its meals and drinks companies grew in the course of the 12-month interval.

In August, Fraser and Neave revealed a buying and selling replace for the primary 9 months of the monetary yr that’s coming to an finish in 5 days.

Income grew 9.7% to S$1.77bn amid rising gross sales from its meals and drinks arm. Revenue after tax fell 6.4% to S$169.5m, with decrease earnings from delicate drinks an element.

Koh added: “On behalf of the board, I want to prolong our thanks and deep appreciation to Choon Equipment for his contributions and management. Over the previous 25 years, he has served F&N with full dedication and efficiently steered the group by way of a dynamic enterprise setting.”

Hui, who’s retiring, mentioned: “It has been a privilege to steer F&N and to work alongside such a gifted and devoted staff. Collectively, we’ve got navigated challenges and seized alternatives to strengthen the group. I’m happy with what we’ve got achieved and I’m assured that underneath Rahul’s management, the group will proceed to realize even larger success.”

Final week, Worldwide Beverage, ThaiBev’s worldwide arm, set out government modifications, with firm veteran Malcolm Leask leaving the UK-headquartered group.