E-Malt.com News article: Singapore: Dr Michael Fam retires as Asia Pacific Breweries Chairman

Dr Michael Fam chaired his last Annual General Meeting of Asia Pacific Breweries Ltd (APB), according to company’s press release, January 29. He bade farewell to the APB Board of Directors, management and shareholders as he stepped down as Chairman of APB after serving the company for 29 years, the last 18 years as its Chairman. Following the AGM, Dr Fam for his many years of contributions and commitment to APB, was presented with a pair of silver tankards by incoming APB Chairman, Mr Simon Israel; and a Henri Chen painting entitled The Lustre of Evergreen by Mr Koh Poh Tiong, Chief Executive Officer of APB.

Dr Fam joined the APB Board as Director on 15 August 1979 and was appointed Chairman on 27 February 1990. During his tenure as Chairman of APB, he played a critical role in influencing the strategic direction of APB which has turned the Group into one of the most respected brewery groups in the Asia Pacific region. Today, Group Revenue and Attributable Profit before Extraordinary Items, at $1.78 billion and $133 million respectively, have more than doubled that in 1990. Market capitalisation, meanwhile, has more than doubled from $1.5 billion 18 years ago to $3.2 billion today.

On his retirement, Dr Fam said, “I leave behind fond memories of APB, and I wish to reiterate my words of appreciation for the support given to me by the Directors and Management of APB. The Company has done very well under their skilled and dedicated leadership. I would like to single out for mention the exemplary leadership of Koh Poh Tiong as CEO and a key man in the Organisation. It is now my honour and pleasure to hand over the Chairmanship of APB to Mr Simon Israel, who has played a most distinguished role in the multi-national F&B Industry. Although the immediate future may appear to be fraught with difficulties, I am sure the Company will prevail and grow from strength to strength.”

Succeeding Dr Fam as non-Executive Chairman of the APB Board is Mr Simon Israel who was appointed a non-executive Director and Chairman-Designate of APB on 27 November 2007. Mr Israel’s 22-year career spans across the Asia Pacific region with the Sara Lee Corporation before he assumed Chairmanship at Danone Asia Pacific from 1996 till 2006. Currently, Mr Israel chairs the Singapore Tourism Board and is an Executive Director of Temasek Holdings (Private) Limited. He is also a director of Fraser and Neave, Limited, Singapore Telecommunications Ltd and Neptune Orient Lines Ltd.

Receiving the baton from Dr Fam, Mr Israel said, “Dr Fam’s vision and guidance has seen APB expand from a pioneer local Singapore brewer to the most regionally diversified brewer in the Asia Pacific. Along the way, Tiger beer has grown from being a Singapore brand and part of our culture, to one of Singapore’s few global brands.”

“And in partnership with Heineken, APB has played a leading role in building up Heineken’s presence in the Asia Pacific, contributing to Heineken’s global brand leadership.”

“As with all businesses, they pass through different phases, good times and bad times. Dr Fam has been pivotal in providing the Board leadership to navigate these waters, and today we have a strong, growing business with a bright future. I am deeply honoured to be chosen to succeed Dr Fam as Chairman and look forward to working together with the Board, management, staff, business partners and shareholders on the next phase of APB's development.”

Expressing his gratitude, Mr Koh Poh Tiong, CEO, APB said, “Over the years, APB has benefited tremendously from Dr Fam’s wise leadership and perceptive counsel. He is an astute businessman and a visionary whose foresight and steadfast commitment have seen the Group growing from strength to strength. The entrepreneurial spirit which he imbued in APB will remain a guiding principle within the APB Group. On behalf of APB, I would like to express my heartfelt appreciation to Dr Fam for his contributions to the growth and well-being of the APB group over the last 29 years, and wish him all the very best in his retirement years. As APB moves forward, we look forward to receiving the insights of Mr Simon Israel and tapping his expertise that will bring APB continued growth.”

In addition to his chairmanship at APB, Dr Fam has served in public as well as private sector positions, notably as Chairman of the Housing & Development Board, Mass Rapid Transit Corporation, Council of Nanyang Technological University, Singapore Airlines Limited, Fraser and Neave Group and Frasers Centrepoint Limited. He also held directorships at Temasek Holdings (Pte) Ltd, Oversea-Chinese Banking Corporation Limited and Singapore Press Holdings Limited. He was also a Member of the Council of Presidential Advisers of the Republic of Singapore.

In recognition of his bold and sharp business acumen, Dr Fam had the distinction of being the first to be accorded the “Businessman of the Year 1985” award in Singapore. For his contributions to Singapore, he was bestowed several awards, including the Order of Nila Utama (First Class).


30 January, 2008