CMA CGM Group’s acquisition of NOL (Neptune Orient Lines), the 12th largest container shipping company in the world, and recognized for their APL shipping brand, is 90% complete.
On June 10, 2016, CMA CGM assumed control of NOL, expanding their fleet to a total of 536 vessels transporting a whopping 18 million container TEUs.
CMA CGM has also made changes to key senior positions. CMA CGM senior vice-president Nicolas Sartini has replaced NOL’s Mr Ng Yat Chan as CEO, and finance vice-president Serge Corbel has become NOL’s chief financial officer.
Despite the changes, most of NOL’s senior executives will stay with the firm, as reported by The Straits Times,
Mr Ng, who will be executive director and special advisor, was invited “to stay as long as he wishes”, [CMA CGM vice-chairman] Mr Saade said. “We appreciate his expertise and knowledge of the company, and we look forward to him helping us speed up the integration of NOL.”
Mr Kwa, whose chairman post will go to Mr Saade, will stay as an independent director. Others, like chief operating officer Jason Wong and chief trade officer Calvin Leong, will stay in their current positions. Read more from The Straits Times here…
posted by Mai Armstrong for the Working Harbor Committee