NOL Key Senior Appointments
Neptune Orient Lines (NOL) Group President & CEO Ronald D. Widdows announced new senior management appointments to head the Group’s APL Logistics business unit and its South Asia Region organisation. Jim McAdam has been promoted and assumes the position of President, APL Logistics, the unit of the NOL Group that provides international supply chain capabilities for customers globally. He replaces Brian Lutt who recently left the Group to pursue other opportunities. McAdam is currently APL’s President South Asia Region and prior to that was President of the Asia/Middle East Region from 2006. From 2004 to 2006 he was NOL’s Senior Vice President, Business Solutions, responsible for developing and implementing supply chain solutions for some of the Group’s largest global customers.
NOL posts 2008 Net Profit After Restructuring
On Feb. 6, global container shipping and logistics group, Neptune Orient Lines (NOL), reported a net profit for 2008 of $83m, 84% lower than 2007. The Group’s 2008 Core EBIT of $213m was down 64% from the prior year. For the fourth quarter of 2008 (4Q08), the company reported a net loss of $149m and a loss at Core EBIT level of $45m. The fourth quarter result includes $72m of restructuring charges. Revenue for 2008 was up 14% year-on-year to a record $9.29b. Announcing the results, NOL Group Chairman, Mr. Cheng Wai Keung, said “2008 was a year of dramatic change, in which our Group faced some of the most turbulent conditions in its long history. NOL Group President and Chief Executive Officer, Mr.
Senior Appointments at NOL
Orient Lines Limited (NOL) announced two senior management appointments. Cedric Foo, currently NOL Group Deputy President, will assume the additional responsibilities of President Asia/Middle East for NOL Group. Foo rejoined NOL in May 2005 to head corporate planning, having previously served in the Company from 1985 to 2000, most latterly as Executive Vice President of Corporate Finance. He was Senior Vice President at Singapore Airlines from 2000 to 2002 and has been a Member of Singapore's Parliament since 2001. Mr Foo was Singapore's Minister of State in both the Ministry of Defence and Ministry of National Development from 2002 to 2005. Brian Lutt has been appointed President APL Logistics.
