NOL Group Announces Succession Plan for Group CEO

Press Release
Monday, April 25, 2011

NOL Group 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 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 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.”

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.”  Widdows is a veteran in the shipping industry. He has been with the Company for the last three decades, and served as CEO of NOL’s container shipping business APL from 2003 to 2008.

 

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