Cheng will be replaced by Kwa Chong Seng, who will be appointed as Director of the NOL Board with effect from 1 January 2012. Kwa will assume the chairmanship of the NOL Board when Cheng retires after serving the Board for 20 years, the last 10 years as Chairman of the Board.
'I have seen unprecedented changes on the shipping scene in my years on the NOL 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. 'I am grateful for the many invaluable insights and experiences gleaned from working with my esteemed fellow board members and the management team, and from meeting the many challenges confronting the industry and NOL's businesses. Together, we have built up our reputation for service excellence and creating shareholder value.'
Ng Yat Chung, NOL Group President & CEO said, '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 industry, 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.'
Kwa Chong Seng is the Deputy Chairman of the Board of Directors of Temasek Holdings (Private) Limited. 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 was conferred 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.
'On behalf of the NOL Board, I welcome Chong Seng. NOL will benefit greatly from the depth and breadth of his experience particularly in the capital intensive oil industry. His leadership will bring fresh perspectives to help navigate NOL through unchartered waters ahead. I am confident NOL will grow and achieve a higher level of excellence,' said Mr Cheng.
Kwa said, '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 endeavor to lead NOL to greater success in the future.'
