CMA CGM’s Execs Take Top Positions at NOL
Image Courtesy: Port of Los AngelesExecutives from the French container shipping giant CMA CGM have been elected to take the top positions at Neptune Orient Lines (NOL), after CMA CGM acquired the controlling stake in the company.
Namely, NOL’s Board of Directors, chaired by Rodolphe Saadé, named Nicolas Sartini as NOL Chief Executive Officer and Serge Corbel as NOL Chief Financial Officer. The two also serve as Executive Directors of the newly constituted 10-member NOL board.
The appointments were made when the Board of Directors, which was reconstituted on 9 June 2016, convened today.
Saadé, also serving as the Vice Chairman of CMA CGM, succeeded Kwa Chong Seng who has served the NOL Board as Chairman for five years, while Sartini replaced Ng Yat Chung who has served as NOL Chief Executive Officer since 2011.
Kwa will remain as an Independent Director on the Board, while Ng will continue as an Executive Director on the NOL Board.
The announcement comes after the launch of an all-cash voluntary conditional general offer by CMA CGM for all outstanding shares of Neptune Orient Lines (NOL), parent company of the ocean carrier APL on 6 June.
CMA CGM subsequently satisfied the acceptance condition in the offer, and acquired 78.07 percent of all NOL shares from the company’s majority shareholders, led by Singapore’s investment fund Temasek.
“We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record. The combination of NOL and CMA CGM will create a leading shipping company that delivers reliable and efficient service to its customers,” said Temasek’s Joint Head, Portfolio Management Group, Tan Chong Lee.
CMA CGM does not intend to preserve the listing status of NOL.
NOL’s Board of Directors now comprises ten members, including Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.
