NOL boss Lim to leave company
Singapore-based Neptune Orient Lines, parent company of APL and APL Logistics, said today that its President and Chief Executive Officer, David Lim, will leave the group during the second half of this year.
The announcement comes as shares in NOL have slumped to their lowest for nearly three years, closing today at $1.68 ($1.05), about the same price as they were when Lim took up the position in July 2003 and from a high of $4.22 ($2.65) in March 2005.
APL’s market share has fallen in the last year as NOL failed to compete with the likes of Maersk Line, CMA CGM and Hapag-Lloyd, whose fleet capacities swelled thanks to big money acquisitions.
NOL said it is already searching for a replacement and that Lim will continue in his role until the end of the year or when a successor is found.
“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,” said NOL Chairman Cheng Wai Keung.
“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,” Keung added.
“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,” Lim said.
NOL boss Lim to leave company
