Cheng Wai Keung will retire as chairman of NOL Group in April, the parent of container line APL said Thursday, extending an overhaul in the leadership of the business that began last spring.
Kwa Chong Seng, a former oil industry executive and deputy chairman of Singapore’s government investment arm Temasek Holdings, will replace Cheng as chairman.
Cheng’s retirement after 20 years on the board and 10 years as chairman follows the appointment of Ng Yat Chung as president and CEO of NOL Group following the retirement of Ron Widdows this year and the replacement of other top leaders at the APL shipping operation.
Kwa is deputy chairman of the board Temasek Holdings and was chairman and managing director of ExxonMobil Asia Pacific before retiring in October 2011. He will take a position on the board Jan. 1, 2012 before becoming chairman on Cheng’s retirement in April.
“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 interest of all stakeholders,” Kwa said.
As an NOL Group board member since 1992, Cheng has helped preside over dramatic growth at the business, including the 1997 purchase of American President Lines that helped reshape the global container shipping industry.
“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,” 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.”