JACOBS STEPS DOWN AS CEO OF NOL, APL
Flemming R. Jacobs, chief executive officer of Singapore-based Neptune Orient Lines and of its liner-shipping arm APL, has suddenly stepped down from his positions, before his contract expired.
No successor was announced for Jacobs, who was also group president of NOL.
“We appreciate Flemming’s contributions during the previous difficult period faced by NOL and thank him for his past services to the group,” said Cheng Wai Keung, chairman of the group.
Neptune Orient Lines said it would be looking to appoint an appropriate successor “in due course.” An interim executive committee of the board will oversee the management of the Singapore-based group. The committee will comprise Cheng Wai Keung, Friedbert Malt (vice chairman), Boon Swan Foo (a director) and Lim How Teck (executive director and chief financial officer).
Ron Widdows, executive vice president of APL Liner, will be acting chief executive officer of the liner business. Widdows has been with APL Liner for 22 years.
Last August, Neptune Orient Lines denied that its group president and chief executive officer Jacobs would step down. Cheng Wai Keung, chairman of the Singaporean group, “dismissed as speculation market and media talk” that Jacobs would leave the group, which has seen worsening financial results since last year.
However, Neptune Orient Lines posted a net deficit of $151 million for the first half of 2002, its worst since at least 1998. Jacobs, a former partner of Denmark’s A.P. Moller and one-time head of Maersk Line, joined Neptune Orient Lines in June 1999 to turn around the group.
Meanwhile, Neptune Orient Lines has revised its board of directors.
Malt has been appointed vice chairman. He has been a board member for two and a half years. Malt was a lecturer in finance at the university of Hamburg before joining DG Bank in the late 1960s.
Last year, APL revamped its senior management and regional organizations. Ed Aldridge, previously president of the Americas region at APL, was appointed chief operating officer of APL. Widdows, responsible for APL’s global operations and networks, was promoted to executive vice president. Dan McHugh, formerly president of the Asia/Middle East region, was also promoted to executive vice president, responsible for global marketing, sales and customer support.
In a separate development, the fund manager UBS AG sold one million shares in Neptune Orient Lines on the Singapore stock exchange on Jan. 2.
Neptune Orient Lines asked for the suspension of trading of its shares on Monday. Trading is due to resume on Tuesday morning.