Olam Group announces leadership overhaul, CEO and CFO to step down
Group CFO N. Muthukumar will also step down on April 27, transitioning to focus on his role as COO of Olam Agri.
SINGAPORE – Olam Group has announced a significant transition in leadership as co-founder and Group CEO Sunny Verghese steps down from his parent-company role after 37 years, alongside Chairman Lim Ah Doo, effective April 27, 2026, following the fifth Annual General Meeting.
The leadership overhaul comes as the food and agri-business giant executes its “Updated 2025 Re-organization Plan,” first announced in 2020, to split its diverse operations into three distinct units: ofi (Olam Food Ingredients), Olam Agri, and the remaining Olam Group.
Deputy Chairman Yap Chee Keong will take over as Chairman, while Verghese, who co-founded Olam nearly four decades ago, will remain CEO of Olam Agri.
Group CFO N. Muthukumar will also step down on April 27, transitioning to focus on his role as COO of Olam Agri. On the other hand, Venkataraman Krishnan will be appointed as the new Group’s CFO, overseeing financial strategy, treasury, tax, compliance, and investor relations.
Re-organization Progress and ofi Focus
Under the re-organization plan, Olam Group has invested US$500 million of equity into ofi to support various strategic initiatives, including exploring a potential concurrent listing in Europe and Singapore at an appropriate time.
The sales of Olam Agri to SALIC are progressing in two tranches: an immediate 44.58% stake for US$1.78 billion, with the remaining 19.99% through a call/put option within three years at the same valuation plus 6.0% IRR, generating estimated total gross cash proceeds of US$2.58 billion.
Additionally, three of the remaining 10 businesses in the Olam Group were sold or wound down in 2025. On April 6, 2026, Olam announced the sale of its IT and digital services, Mindsprint, to Wipro for US$375 million.
Board Renewal and Governance
Following the AGM, the board intends to appoint a Lead Independent Director from its existing members. Additionally, in line with its diversity policy, the group is targeting the appointment of a female independent director in the second half of 2026.
Verghese reflected on his tenure: “It has been an honour to co-found and lead OGL for the last 37 years. I am filled with immense gratitude, pride and satisfaction reflecting on our journey together in successfully building OGL into a respected, global market leader“.
Incoming Chairman Yap Chee Keong added: “Together with the refreshed leadership team, we will carry the Group forward into its next phase of development, where our strategy stays unchanged. We remain committed to execute the Re-organization Plan responsibly“.
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