Consumer staples company Hanwell Holdings has appointed former Breadtalk CEO Henry Chu Heng Hwee as its CEO. Chu, who held various positions at Breadtalk over the past decade, left the company in Dec 2019.
Hanwell recently came under the control of high profile businessman Sam Goi Seng Hui. At the company’s AGM late last month, Goi was re-elected with overwhelming support as the non-executive chairman.
Coco Tang Chuek Chee, who was the company’s long-serving executive director, was voted out.
SEE:iFAST and Hanwell insiders buy more shares
Goi, who is Hanwell’s second-largest shareholder for years, decided to play a more active role after Hanwell’s former executive chairman Allan Yap got to quit because he was declared a bankrupt in Hong Kong. For months, Tang was the sole executive director on Hanwell’s board. She and Yap divorced recently.
With his years of experience in food manufacturing, Goi sees a lot more potential in Hanwell, which sells popular foodstuffs under the brands Fortune and Royal Umbrella.
After Goi took control of the board, he brought in two industry veterans on May 5 to help strengthen Hanwell. They are former chairman of NTUC FairPrice Chandra Das, and former group CEO of the same entity, Tan Kian Chew.
Hanwell shares closed May 10 at 44 cents, down 2.25%.
