Change in helmsmen for NOL

Singapore – Neptune Orient Lines (NOL) CEO Thomas Held has stepped down, a surprise move amid rumours NOL will bid for TUI's Hapag Lloyd.

Group president and CEO of Neptune Orient Lines (NOL), Dr. Thomas Held stepped down from his post after less than two years. He has also resigned from his position as a NOL board member. Held's post is filled by Ronald Widdows, CEO of APL, the container shipping arm of NOL.

NOL chairman Cheng Wai Keung said that the resignation is "a result of mutual and amicable agreement" and that Dr. Held leaves the company "in excellent shape", quashing speculation that the surprise exit was due to matters concerning the company and its subsidiaries.

Cheng believed that this is a right time for a change in leadership. He added that NOL intends to stay afloat of the slowing world economy by investing in the development of its logistics capabilities. He is confident that Widdow's role in the success of APL would help take the company to the next level and secure its position as the global leader in container shipping.

Widdows brings with him 37 years of experience and has served in senior executive posts across Asia, the United States and Canada with APL for 28 years.