The initiatives are in line with FGV’s strategic intent to deliver sustainable performance in the face of a challenging industry and to improve the operational and financial performance of FGV’s core business.
“This initiative has to begin from the top and it is a signal that we are making tough decisions in order to enhance the confidence of our shareholders and stakeholders,” group president and chief executive officer Datuk Zakaria Arshad said in a statement on Friday.
He also disclosed that a pool of general managers, senior general managers and vice-presidents including himself would also be taking cuts of about 15% to their allowances as part of the company’s frugal cost management initiative.
The company expected a 15% take-up of the VSS out of the 236 senior management staff who received the offer.
Zakaria said that there was no change in the current management structure.
“S. Palaniappan, who has almost 40 years of experience in the plantation and research and development (R & D) industry will remain as our chief operating officer of the plantation sector in charge of palm upstream, palm downstream and R & D activities.
“Datuk Khairil Anuar Aziz is chief operating officer of sugar and logistics and others’ sector with an added responsibility to oversee the sugar sector, effective January 2018,” said Zakaria. – Bernama