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| Neptune Orient Lines Ltd |
Widdows, 57, will step down at the end of this year after he assumed the position in 2008, Neptune Orient said today in a statement to the Singapore stock exchange. He will remain as a senior adviser, it said.
Ng, 49, will become an executive director starting May 1, Neptune Orient said. He spent 28 years in Singapore's Armed Forces before joining Singapore state investment company Temasek Holdings Pte to head the energy and resources group. Temasek is the company's majority shareholder.
"After a comprehensive global search, the board is fully satisfied that Ng Yat Chung is the candidate to succeed Ron Widdows in leading the company forward in its next phase of strategy," Neptune Orient's Chairman Cheng Wai Keung said in the statement.
Neptune Orient posted net income of $460.9 million last year, compared with a $740.8 million loss in 2009, as global trade and rates improved following the credit crisis. The company ordered 12 container ships valued at $1.2 billion in July.
Neptune Orient has lost 12 percent in Singapore trading this year, after rising 32 percent last year. The stock closed unchanged at S$1.92 today, before the announcement.
