NOL Group announces succession plan for Group CEO
SINGAPORE, APRIL 25, 2011 – NOL Group today announced its executive succession plan to appoint Mr. Ng Yat Chung the next Group President and Chief Executive Officer. Mr. Ng will take over from Mr. Ron Widdows, who will retire from his present post at the end of this year and remain as a Senior Adviser to the Company.
Mr. Ng will be appointed as an Executive Director to the Board of Directors with effect from 1 May 2011. He will be working closely with Mr. Widdows before assuming full responsibilities as the Group President and Chief Executive Officer on 1 January 2012.
Mr. Ng spent 28 years in key leadership roles in Singapore’s Armed Forces (SAF). Prior to assuming his present role as a senior executive with Temasek Holdings, he was Chief of Defence Force from 2003 to 2007, where he had been instrumental in transforming the SAF as a networked, knowledge-based force and driving close integration between the Army, Navy and Airforce. A graduate from Cambridge with an MBA from Stanford, he most recently headed Temasek’s Energy & Resources portfolio and was co-head of Australia & New Zealand and co-head of Strategy.
Mr. Ng’s appointment stemmed from the Company’s on-going succession planning and leadership renewal process. Chairman of the Board, Mr. Cheng Wai Keung said, “After a comprehensive global search, the Board is fully satisfied that Ng Yat Chung is the candidate to succeed Ron Widdows in leading the Group forward in its next phase of strategy.”
Expressing confidence in a smooth leadership transition, Mr. Cheng said, “NOL has progressed steadily on its strategic course. With Yat Chung’s appointment, the Board is confident of continuing leadership in the Company, and of NOL’s firm commitment to its customers and employees.” Mr. Cheng added, “Yat Chung brings with him exceptional credentials and has demonstrated outstanding leadership and management abilities. He is a strong team leader and a skillful people developer. His leadership experience will broaden and deepen our expertise, to help us achieve greater organizational excellence. With Ron's assistance in the transition period, Yat Chung will build upon the present team we have, taking the Group into the next phase in its exciting future."
Acknowledging Mr. Widdows’ contribution to the Group, Mr. Cheng said, “On behalf of the Board, I would like to thank Ron for helping to shape the Company with his skills, energy and drive during his dedicated service with the Group. We are pleased that we shall continue to have Ron on the team, to benefit from his counsel and extensive experience as he stays on with the Company in his new role as Senior Adviser.”
Mr. Ng said, “I look forward to being part of the NOL team and committing to the long-term strategic growth and success of the Company. I stand on the shoulders of my predecessors, and aim to build on Ron’s legacy to the Company, to continue to produce industry leading performance and to deliver strong shareholder value. With guidance from the Board of Directors and a strong global team, I am confident that the NOL Group will continue to keep our global competitive advantage and uphold our leadership position.”
Mr. Widdows, who has served the Company as Group CEO since 2008, said, “I’ve devoted most of my professional life to this Company and am proud of the team that we have built up over the years and what we have achieved. I will work closely with Yat Chung in the transition period to ensure that NOL is strongly positioned for long-term success. In my role as Senior Adviser, I will be able to contribute to the Company in other ways.”
Mr. Widdows is a veteran in the shipping industry. He has been with the Company for the last 3 decades, and served as CEO of NOL’s container shipping business APL from 2003 to 2008. During his tenure, NOL maintained its position as an industry leader and recorded $1.2 billion turnaround last year from the 2009 recession. Mr. Widdows is also Chairman of the World Shipping Council and past Chairman of the Transpacific Stabilization Agreement.
Neptune Orient Lines (NOL) is a Singapore-based global container shipping and logistics Company. Its container shipping arm, APL, provides world-class container shipping and terminal services and intermodal operations supported by leading-edge IT and e-commerce. Its logistics business, APL Logistics, provides international, end-to-end logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control. NOL Web site: www.nol.com.sg