Pacific Shipping Trust (PST) chief executive officer and executive director, Alvin Cheng, has resigned with immediate effect. In a statement to the Singapore Exchange on Monday, PST Management Pte. Ltd. (PSTM), the trustee-manager of PST said Mr Cheng was leaving by mutual agreement with its board to pursue his 'personal aspirations'.
The board has initiated a search for a new CEO.
In the mean time, Teo Choo Wee, a non-executive director of the trust, will be acting CEO, with effect from December 1, 2009.
Mr Teo, who has over seven years' experience in the shipping industry, will be seconded from Pacific International Lines (Private) Limited where he is currently the Deputy General Manager responsible for fleet management and the sale and purchase of ships.
The board has initiated a search for a new CEO.
In the mean time, Teo Choo Wee, a non-executive director of the trust, will be acting CEO, with effect from December 1, 2009.
Mr Teo, who has over seven years' experience in the shipping industry, will be seconded from Pacific International Lines (Private) Limited where he is currently the Deputy General Manager responsible for fleet management and the sale and purchase of ships.