The founder of Pacific International Lines (PIL) YC Chang has stood down as chairman with his son and the company’s Managing Director, SS Teo taking over.
Chang, aka Teo Woon Tiong, stood down as chairman of PIL on 1 April, with long time Managing Director SS Teo, taking on the role of Executive Chairman and Managing Director of the family-owned shipping firm.
Chang also retired from PIL’s board but will remain as chairman emeritus and continue to advise the board in “certain strategic areas”.
“I have worked closely with SS for more than 30 years and I am confident that he can provide the executive leadership necessary to bring PIL forward,” Chang said.
Chang, 99, founded Singapore-headquartered PIL in 1967 with four coastal-geared cargoships, and today stands as the world’s 10th largest container line.