[SINGAPORE] Several of Frasers Property’s senior management team will be leaving the company, including group chief operating officer (COO) Anthony Boyd and group chief digital officer Samuel Tan.
According to an internal memo seen by The Business Times, Boyd will be stepping down from his role on Jul 4 after two decades in the real estate company and a year as COO.
In the memo sent on Apr 7, Frasers Property group chief executive officer Panote Sirivadhanabhakdi cited “family reasons” for Boyd’s departure.
Boyd was appointed to a newly created group COO role in February 2024, to work closely with the global executive leadership team as well as support the group CEO in aligning strategic programmes.
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Meanwhile, Tan – who joined the group nearly five years ago and is responsible for its digital transformation – will be resigning on May 5 to pursue “new opportunities”. He will support a “smooth and orderly transition to his successor”, said Panote in a separate memo seen by BT. The memo was sent in late March.
Panote also noted leadership changes in Frasers Property UK, the group’s UK business unit.
This includes the transition of its CEO Ilaria del Beato on Jul 1, after more than seven years at the helm, to an advisory role supporting the UK business.
Also leaving the company are Martin Ratchford, Frasers Property UK’s chief financial officer, effective Dec 31, 2025; and Guy Morgan, its head of development, who is leaving in late June.
In response to queries from BT, Frasers Property said the recent movements in its senior management team are part of the normal course of business.
“We recognise and appreciate the dedication, leadership and valued contributions of our colleagues who are departing and wish them well as they pursue new opportunities.”
New internal appointments have been made, in line with the group’s strategic priorities, it noted. “This… enables us to continue (strengthening) our capability and leadership bench, ensuring we are well-positioned to achieve our strategic goals.”
Frasers added that it remains focused on its “sustainable value creation journey”, in increasing development exposure over the medium to long term, boosting recurring and fee income, and unlocking asset value and optimising capital efficiency.
“We recognise and appreciate the dedication, leadership and valued contributions of our colleagues who are departing and wish them well as they pursue new opportunities. ”
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Frasers Property on the recent movements in its senior management
The recent series of management changes comes on the heels of boardroom adjustments earlier this year.
In February, Frasers Property’s board chairman, Thai billionaire Charoen Sirivadhanabhakdi, retired from office. He was succeeded by Chumpol NaLamlieng, the former president of Siam Cement Group.
Following his retirement, Charoen was appointed chairman emeritus, in recognition of his contributions to the company.
Two non-executive and independent directors – Tan Pheng Hock and Siripen Sitasuwan – have also retired since then, as part of the group’s plans for board refreshment and renewal.
Uneven performance
The changes at Frasers Property follow an uneven financial showing, with its UK business in particular recording some losses.
In the financial year ended Sep 30, 2024, the group’s net profit rose 19.2 per cent to S$206.3 million, and revenue increased 6.8 per cent to S$4.2 billion.
Frasers Property attributed the improved results to higher contributions from residential projects in China and Australia, despite higher interest expenses.
Meanwhile, significant unrealised fair value losses were recorded on certain commercial properties in the UK and Australia, it said.
The UK unit also saw lower valuations on business parks as at end-FY2024, driven by challenging market conditions, such as a softer leasing market and capitalisation rates, it pointed out.
Frasers’ UK business unit consequently suffered losses before interest tax of S$31.5 million in FY2024, reversing from a profit of S$31.4 million in the prior year.
This was largely due to an impairment of a commercial property, it said, and excludes the impairment and contributions from business parks.
Most recently, in its business update for the first quarter, Frasers said it has registered S$1 billion in pre-sold revenue across Singapore, Australia, Thailand and China as at Dec 31, 2024.
The outlook for its business units in these countries remain positive despite a slowing economy and macroeconomic headwinds.
On the flip side, it noted that market sentiment still remains subdued in the UK, with a weaker office leasing market weighing on its commercial portfolio.