(Adds Ng will become CEO earlier than planned in second paragraph.)
Sept. 30 (Bloomberg) -- Neptune Orient Lines Ltd., Southeast Asia’s biggest shipping line, said Ng Yat Chung will become its new chief executive officer starting Oct. 1, succeeding Ron Widdows.
Ng, 49, will take over the job earlier than the initially planned Jan. 1 because of the global economic uncertainties, the company said today in a statement to the Singapore stock exchange. Widdows, 58, will become the shipping line’s senior adviser.
“We both feel strongly that it is in the best interest of the company that the new leadership begins to drive the company and shape these important decisions now and not wait until 2012,” Ng said in the statement.
Ng, who was hired in April to succeed Widdows, will helm Neptune Orient at a time when the sovereign-debt crisis in Europe and economic uncertainties in the U.S. caused rates to plunge. The Singaporean company said on Aug. 12 that it will post a full-year loss unless conditions improve.
Ng spent 28 years in Singapore’s Armed Forces and was the defense force chief before he joined Singapore state investment company Temasek, which owns 67 percent of Neptune Orient, according to data compiled by Bloomberg.
--Editor: Alan Soughley
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