[260411.EN.SEA] Widdows To Retire As NOL Chief, Ex-Singapore Army Chief To Take Helm

SINGAPORE's Neptune Orient Lines (NOL) chief executive Ron Widdows has announced he is stepping down at the end of the year to be replaced by Lieutenant General Ng Yat Chung, former chief of the armed forces and now a senior executive with Temasek Holdings, the Singaporean sovereign wealth fund that controls the shipping line. 

General Ng first becomes an executive director on NOL's board of directors on May 1, and will then assume full responsibility as head of the world's sixth largest container line in January..

Mr Widdows, chairman of the World Shipping Council and former chairman of the Transpacific Stabilisation Agreement, will remain as a NOL senior adviser, whose main business is the container unit, APL.

General Ng, a former artillery officer has been with Temasek Holdings since 2007. Before that he spent 28 years with Singapore's Armed Forces, where he served as Chief of Defence Force from 2003 to 2007.

A Cambridge graduate in mathematics and a holder of an MBA from Stanford, General Ng most recently headed Temasek's energy and resources portfolio and was largely responsible for Singapore's Australian and New Zealand strategy.

While in the army, General Ng is credited with turning the military into a knowledge-based force, integrating army, naval and air force operations.

Mr Widdows, having spent 30 years with NOL, as group CEO since 2008 and as chief executive of APL since 2003, said: "I've devoted most of my professional life to this company and am proud of the team and what we have achieved. As senior adviser, I will be able to contribute in other ways."

On his watch NOL recovered from the US$741 million loss it suffered in 2009 during the industry downturn and recorded a $461 million profit in 2010, a $1.2 billion turnaround, noted Newark's Journal of Commerce.

Mr Widdows has been an international leader in the container shipping industry, advocating greater infrastructure investment and in 2008, urging upgrades of US port and transport infrastructure, amplifying shippers voices who sought similar goals.

Said NOL chairman Cheng Wai Keung: "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 in his new role as senior adviser."

Paris-based maritime consultant Alphaliner remarked: "The appointment will see a change of the company's executive leadership yet again, the sixth since 1999. Since NOL's acquisition of APL in 1997, the company had made several reversals in its strategic direction, including failed bids to expand through further acquisitions, attempts to grow its logistics and terminals business units which were eventually reversed as well as a steadfast refusal to commit to vessels larger than 10,000 TEU while most of its main competitors have moved towards vessels of 13,000 TEU and above."

Source : HKSG.