Neptune Orient Lines, the parent company of APL, will name Flemming R. Jacobs, a partner of Denmark’s A. P. M'ller group, as its new group president and Chief Executive Officer.
Jacobs, 55, was executive vice president of Maersk Line until 1991 and is currently chief executive of Maersk Tankers. He will replace Lua Cheng Eng, currently group deputy chairman and CEO of NOL on June 2.
Lua will step down as the top executive officer of NOL to become group chairman, replacing H. R. Hochstadt, who is retiring.
The recruitment of a westerner to head the Asian company follows the announcement of record losses by NOL for 1998.
After the resignation of Jacobs from A. P. Moller, the remaining partners of the Danish shipping group will be M'rsk Mc-Kinney M'ller, Jess S'derberg, Ib Kruse, Bjarne Hansen and Knud E. Stubkj'r.
