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NOL appoints new chairman and new CEO

SINGAPORE – Local shipping giant Neptune Orient Lines (NOL), which has been taken over by France’s CMA CGM, said today (June 14) that chairman Kwa Chong Seng and chief executive Ng Yat Chung have been replaced in their roles by Mr Rodolphe Saadé and Mr Nicolas Sartini, respectively.

SINGAPORE – Local shipping giant Neptune Orient Lines (NOL), which has been taken over by France’s CMA CGM, said today (June 14) that chairman Kwa Chong Seng and chief executive Ng Yat Chung have been replaced in their roles by Mr Rodolphe Saadé and Mr Nicolas Sartini, respectively.

Mr Kwa, who has served as chairman for five years, will remain as an independent director on the newly constituted NOL board. Mr Ng, who has been CEO since 2011, will remain as an executive director on the board and at the same time serve as special adviser to the new chairman.

“I am grateful for the invaluable insights gained from working with my esteemed fellow board members and the management team… Moving forward, NOL will benefit greatly from the depth and breadth of Rodolphe’s experience. His leadership will bring fresh perspectives to help navigate our container shipping line, APL, through uncharted waters ahead,” said Mr Kwa.

Mr Saadé, who is also the vice-chairman of CMA CGM, said: “It is my privilege to be able to serve on the board. I thank Chong Seng for his exceptional dedication and contributions to the NOL Group all these years. His stewardship laid the groundwork for APL to compete as a key ocean carrier with access to major trade lanes across the world. APL’s extensive global footprint will be a huge asset to us as we take the business forward as part of the CMA CGM Group.”

“The NOL Group has the keen expertise and solid foundation which we will continue to build on. I would like to take this opportunity to thank Yat Chung who has led and steered APL through the numerous industry cycles. Together with Nicolas and Serge as well as my fellow board members, I look forward to working closely with the management and staff of the NOL Group to lead APL to greater success in the future,” he added. Mr Sartini is a CMA CGM veteran, having served in the world’s third-largest container shipping company for 25 years.

CMA CGM now holds 81.2 per cent of NOL shares after buying Singapore investment giant Temasek Holdings’ stake in a US$2.4-billion (S$3.2 billion) deal agreed last year. CMA CGM plans to delist NOL if it manages to secure 90 per cent of the shares.

Mr Saade said that following a deal with Singapore container terminal operator PSA, which is 100 per cent owned by Temasek, CMA CGM will move its shipping traffic from Malaysia to a new terminal in Singapore. CMA CGM will also move its Asian headquarters to Singapore from Hong Kong. – WITH AGENCIES

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