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P&O GROUP NAMES WOODS CHIEF EXECUTIVE, STERLING ANNOUNCES RETIREMENT

P&O GROUP NAMES WOODS CHIEF EXECUTIVE, STERLING ANNOUNCES RETIREMENT

   Peninsular & Oriental Steam Navigation Co., the parent company of P&O Nedlloyd Container Line and P&O Ports, has named Robert Woods to the position of group chief executive, in a move that positions him to succeed Jeffrey Sterling as the head of the London-based group.

   Jeffrey Sterling, chairman of the P&O group, said that he plans to leave P&O after the annual general meeting of the group in 2005.

   Woods, currently group managing director of P&O Nedlloyd, chairman of P&O Ports    and a director of P&O group, will take over from Bruce MacPhail, group managing director of P&O, who will step down at the end of this year.

   When he becomes chief executive, Woods will retain direct executive responsibility for P&O Ports, but he will relinquish his position as group managing director of P&O Nedlloyd Container Line.

   The P&O group said that it will appoint Nick Luff as its new chief financial officer, effective from June. He is currently chief financial officer of P&O Princess Cruises plc.