The Company has commenced a global executive search to identify a new CEO.
Mr. Lim has agreed to continue as Group President and CEO until a handover to his successor is complete, or until the end of 2006, to effect a smooth transition.
Mr. Lim has been Group President and CEO of NOL since July 2003.
NOL Chairman Mr. Cheng Wai Keung said, "David Lim has led the Company through one of its most successful periods. The profits achieved in 2003, 2004 and 2005 represent the best annual financial performances in the history of the Company.
"He will leave the Company in great shape and as an acknowledged leader in its industry. NOL has a strong balance sheet, an excellent management team and committed employees.
"David Lim has had a particular focus on the development of a clear strategy for the Company, to which the Board continues to be firmly committed.
"The Board's immediate priority will be to identify a new CEO to lead the NOL Group through the next phase of its development, with an emphasis on the execution of the strategy and a continuing focus on growth and the delivery of results".
Mr. Lim said, "It has been a privilege to lead a talented team of people that make up the NOL Group through a very dynamic period, and we can all be proud of the successes that have been achieved. I believe the Company will continue to lead the industry and excel, as it sees through the strategy that it now has to guide its growth."
Mr Cheng said, "On behalf of the Board of Directors and employees of NOL Group, I would like to thank David Lim for the contribution he has made to the success of our Company in recent years. I am looking forward to continuing to work closely with David over the months ahead."
