With Temasek Holdings selling its 66.77% stake in NOL to CMA CGM last week, the French company took control appointing a new board of directors with Rodolphe Saadé as chairman succeeding Kwa Chong Seng.
Following this move Sartini has been appointed as CEO replacing Ng Yat Chung who will remain as an executive director and an advisor to the chairman.
CMA CGM also named Serge Corbel as CFO, replacing long time NOL man Cedric Foo, who was also deputy president of the company.
“The NOL Group has the keen expertise and solid foundation which we will continue to build on. I would like to take this opportunity to thank Yat Chung who has led and steered APL through the numerous industry cycles,” Saadé said.
“Together with Nicolas and Serge as well as my fellow Board members, I look forward to working closely with the management and staff of the NOL Group to lead APL to greater success in the future.”
Industry sources indicate that last week was the final one in the office for liner arm APL president Kenneth Glenn, although he was not mentioned in the announcement.
Having made a takeover offer for Singapore-listed NOL, CMA CGM now owns 81.17% of the company. Should it reach the 90% threshold it plans to de-list NOL.
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