Neptune Orient Lines Group (NOL) chairman Cheng Wai Keung has announced he will retire from the company in April of this year.
His resignation follows the departure last year of former president and CEO Ron Widdows.
Mr Cheng, who leaves the company after 20 years on the board and 10 years as chairman, will be replaced by former oil industry executive and deputy chairman of Singapore’s government investment arm Temasek Holdings, Kwa Chong Seng.
“It is my privilege to be able to serve on the NOL Board. I look forward to working closely with the board, management and staff of NOL to enhance the interests of all stakeholders,” Mr Kwa said.
During his time with NOL Mr Cheng oversaw substantial growth in the business, including the purchase in 1997 of American President Lines.
“I have seen unprecedented changes on the shipping scene in my years on the NOL Board, and I have had the opportunity to be involved in the transformation of NOL into a global premier transportation company that it is today,” Mr Cheng said in a statement. “I am grateful for the many invaluable insights and experiences gleaned from working with my esteemed fellow board members and the management team, and from meeting the many challenges confronting the industry and NOL’s businesses.”