Frugl Group Appoints New CEO

5 February 2024 11:01

Frugl Group Limited (ASX:FGL) has announced the latest appointment of its Chief Executive Officer, Mr. Ken Tovich, who is set to join the Company from February 12th, 2024.

Three Decades of Experience

Mr. Tovich brings extensive history to the Company, with a wealth of leadership knowledge and boasting more than three decades of experience across a variety of industries including primary industry, capital markets and investment banking.

He was previously employed as the Head of International Sales at FloraMax, where he gained valuable insights in agricultural technology through the Company’s multi-million dollar revenue streams.

FloraMax is an agricultural technology company with expertise in chemistry and plant biology designed to improve performance in areas such as trichome and root development, plant structure, pH control and nutrient stability.

Mr. Tovich also has considerable experience across a breadth of financial products and services, including as a structured products specialist in the Asia-Pacific region.

New Leadership

In addition to Mr. Tovich’s appointment, Frugl has announced it has promoted existing Company Secretary and Financial Controller, Mr Steve Samuel, to Chief Financial Officer effective immediately.

Company Activities

Frugl continues developing its retail intelligence ecosystem, acquiring grocery data and utilising it to power its retail platforms, Frugl Grocery and InFocus Analytics.

In January, Frugl announced its plans to acquire the issued share capital of Trienpont International Co. Ltd, including its entire business operations, from assets to Trienport shareholders.

This strategic acquisition enables Frugl to access Trienpont’s wealth of experience in transforming digital projects across a wide range of industries.

Frugl has been in a partnership with Trienpont since April 2023, enabling collaborations on joint projects in Australia and South East Asia.

After completing a strategic review of Company operations, Frugl aimed to change its development structure to incorporate a blended model of local and international resources, better suited to its needs going forward, and providing for more efficient use of Frugl’s operating capital.

Frugl predicts the acquisition will enable it to better harness Trienpont’s services, thus deliver improved growth to shareholders.

Company Comments

Frugl Group’s Managing Director Kenny Woo commented on Mr. Tovich’s appointment.

“The Board of Frugl is confident that Mr. Tovich will lead and guide the Company through its next phase of growth,” he said.

“His strategic vision, leadership skills, and understanding of what it takes to build a business will drive a new phase of growth.”

Incoming CEO, Mr. Tovich, said that he is honoured to join Frugl and looks forward to leading an exceptional team into a new phase of growth and innovation.

“The field of data analytics is evolving rapidly, and I look forward to executing a strategic vision with a focus on industry-leading innovation combined with commercial applications,” he said

FGL’s Australian Securities Exchange share price has risen 14.29% and is currently trading at $0.008 (2pm UTC+ 8 hours).

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