NOL Group has completed the transition to a new CEO and that Ng Yat Chung will take the helm of the global transport and logistics company October 1, 2011. Mr. Ng, an NOL Executive Director since May, will succeed Ron Widdows who retires from the company Dec. 31.
“We have completed the implementation of our executive succession plan and are moving ahead under Yat Chung,” said NOL Chairman Cheng Wai Keung. “There are important decisions to be made that will affect NOL into the future, thus it is a good time to put our new management team in place.”
Mr. Ng, a former Temasek Holdings executive and one-time Chief of Defence Force in the Singapore Army, takes control of a leading name in trade, transportation and logistics. NOL is the parent of APL, the world’s seventh-largest container shipping line. Its other major brand is APL Logistics, the global supply chain management business.
NOL designated Mr. Ng as its next CEO last April when Mr. Widdows announced he would retire from NOL after 30 years with the company. NOL said the transition to new leadership has concluded ahead of schedule, permitting the company to accelerate succession plans in the midst of a difficult operating environment for transportation and logistics providers. Mr. Ng moves to the Chief Executive’s role while Mr. Widdows becomes a Senior Advisor to the company.
“At the most senior level, we have been since mid-year, in the process of a transition of leadership which was intended to be complete at the end of this year,” Mr. Ng and Mr. Widdows said in a joint statement. “It has become clear that the environment has changed, that numerous important decisions need to be taken and that most of those will have an effect on our business and our company well beyond the end of this year. As such, we both feel strongly that it is in the best interest of the company that the new leadership begins to drive the company and shape these important decisions now, and not wait until 2012.”
Acknowledging Mr. Widdows’ contribution to NOL, Mr. Cheng said: “On behalf of the Board of Directors, I would like to thank Ron for helping to shape the company with his skills, energy and drive during his dedicated service to 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 in his new role as Senior Advisor.”