Ng Yat Chung replaces Ron Widdows earlier than expected as CEO of NOL

NOL Group has announced it has completed the transition to a new CEO as Ng Yat Chung has taken over the helm of the global transport and logistics company. Ng, an NOL Executive Director since May, succeeds Ron Widdows who will retire from the company December 31.

"We have completed the implementation of our executive succession plan and are moving ahead under Yat Chung," said NOL Chairman Cheng Wai Keung. "There are important decisions to be made that will affect NOL into the future, thus it is a good time to put our new management team in place."

Ng is a former Temasek Holdings executive and one-time Chief of Defence Force in the Singapore Army.

NOL designated Ng as its next CEO last April when Ron Widdows announced he would retire from NOL after 30 years with the company. NOL said the transition to new leadership has concluded ahead of schedule, permitting the company to accelerate succession plans in the midst of a difficult operating environment for transportation and logistics providers. Ng moves to the Chief Executive’s role while Widdows becomes a Senior Advisor to the company.

"At the most senior level, we have been since mid-year, in the process of a transition of leadership which was intended to be complete at the end of this year," Ng and Widdows said in a joint statement. "It has become clear that the environment has changed, that numerous important decisions need to be taken and that most of those will have an effect on our business and our company well beyond the end of this year. As such, 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."

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