[040112.EN.SEA] NOL Chairman Cheng Wai Keung To Retire After 10 Years At The Helm

SINGAPORE's global container shipping and logistics company, Neptune Orient Lines (NOL) Group, announced that its chairman, Cheng Wai Keung, will retire after its annual general meeting scheduled in April.

Mr Cheng will be replaced by Kwa Chong Seng, who was appointed to the board on January 1. Mr Kwa will assume the chairmanship when Mr Cheng retires after serving on the board for 20 years, the last 10 as chairman.

"I have seen unprecedented changes on the shipping scene in my years on the board, and I have had the opportunity to be involved in the transformation of NOL into a global premier transportation company that it is today," said Mr Cheng.

Said NOL president and CEO Ng Yat Chung: "On behalf of NOL, I thank Wai Keung for his exceptional dedication and contributions to the NOL Group all these years. Under his stewardship, the NOL Group has transformed itself into a global player in the container shipping and logistics, widely admired for its quality of service.

Over the course of his impressive tenure, Wai Keung successfully led and steered NOL through the numerous industry cycles. We wish him and his family the very best in his future endeavours."

Mr Kwa is the deputy chairman of the board of directors of Temasek Holdings (Private) Limited, the state-owned conglomerate, which has a majority stake in NOL. He was chairman and managing director of ExxonMobil Asia Pacific Private Limited before retiring in October 2011.

A graduate from the University of Singapore, Mr Kwa received the Distinguished Engineering Alumni Award by the National University in 1994, and the Honorary Ningbo Citizenship in 1999. In 2005, he was awarded the Singapore Public Service Star.

"It is my privilege to be able to serve on the NOL board. I look forward to working closely with the board, management and staff of NOL to enhance the interest of all stakeholders. I would like to also take this opportunity to thank Wai Keung for his legacy and will endeavour to lead NOL to greater success in the future," said Mr Kwa.

Source : HKSG, 04.01.12.