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| NG Yat Chung |
Widdows, an industry veteran who pulled back from a potential acquisition of German rival Hapag-Lloyd in 2008 and then steered the company through the global financial crisis, will remain a senior adviser after he steps down this year.
Ng Yat Chung, a former chief of Singapore's defence force, will be appointed as executive director from May 1 this year and become president and CEO on January 1, 2012, NOL said in a statement.
Ng is the head of energy and resources portfolio of Temasek, which owns around two-third of NOL. He is also a co-head for Australia and New Zealand and a co-head for strategy.
NOL said Ng will be working closely with Widdows before assuming full responsibilities as CEO next year.
"It's pretty much part of their succession planning," said Suvro Sarkar, an analyst with DBS Vickers in Singapore.
"Widdows did add some stability to the group... it shouldn't really affect operations as of now."
NOL made a net profit of $461 million in 2010, rebounding from a loss of $741 million in 2009.
Windows told Reuters in February that NOL will order more vessels to address an expected shortage in the global freight market within a few years.
