FRENCKEN GROUP LIMITED
ANNUAL REPORT 2014
06
CHAIRMAN’S STATEMENT
(CONT’D)
New management structure
Without a doubt, appointing a new President to lead the Group
forward is high on our list of priorities. To this end, the Board has
formed a Select Committee, which is presently in the process of
identifying and shortlisting suitable candidates with the requisite
experience, technical knowledge and leadership skills. In the
meantime, I am serving as interim President of the Group to
ensure continuity at the helm.
In addition, our Board of Directors also created two new
executive positions in January 2015. Mr Sebastiaan Johannes
(Jack) van Sprang was appointed as Chief Executive Officer
(CEO) of the Mechatronics Division while Mr David Wong has
stepped up as CEO of the IMS Division. Both Mr van Sprang
and Mr Wong are well acquainted with Frencken’s businesses.
Mr van Sprang was formerly our Executive Director and Senior
Vice President and worked at the Group from 1996 to 2009.
He has over 30 years of experience in the capital equipment
industry and in-depth knowledge of the mechatronics
business. As CEO of the Mechatronics Division, Mr van Sprang
is responsible for the strategic direction, business development
and expansion plans of the Mechatronics Division’s operations
in Europe, Asia and the USA.
Mr Wong, who is the founder and Executive Chairman of our
wholly-owned subsidiary Juken Technology Ltd, has already
been overseeing the IMS Division’s operations across Asia and
Europe since May 2014. He has over 30 years of experience
in the precision plastic injection moulding and fabrication
business. As CEO of the IMS Division, Mr Wong will take
charge of formulating its business strategies and development,
particularly in building the scale of the automotive business in
various markets.
With the creation of these new CEO positions, the Group
has recomposed our Executive Committee. From the current
financial year, the new members will comprise Mr van Sprang,
Mr Wong, Mr David Chin Yean Choon and also include the
new Group President when appointed. We are confident that
this new management structure will enable the Group to
sharpen our focus with a well-defined roadmap and goals at
the divisional and organizational levels.
Outlook and Strategy
Looking ahead, we expect the business environment to
remain challenging. While the USA economy is showing
signs of recovery, this is counterbalanced by lingering
uncertainties about the direction of the Eurozone
economies and decelerating economic growth in China.
As a result, business sentiment of end-users in the markets
served by our Group is likely to remain cautious. We are
also mindful that there are certain risks which could
adversely affect the Group’s financial results, including
pressure on selling prices of our products, rising operating
costs, unfavourable movements in currency exchange
rates and increasing interest rates. To navigate through
the current headwinds, the Group will leverage on our
intrinsic strengths and continue focusing on strategic
initiatives to improve the performances of our two
business divisions.
At theMechatronics Division, the Group’s aim is to build the
division into a global player in the high-technology capital
equipment sector to better support the requirements of
our global customers in their target markets.
