NOL's chairman to retire, Temasek exec to replace him

Singapore's Neptune Orient Lines, which owns the world's sixth biggest container shipping firm, said its chairman, Cheng Wai Keung, will retire after the board's annual general meeting in April 2012, Reuters reports. Cheng, who was chairman for the last 10 years, will be replaced by Kwa Chong Seng who will join the board as a director from January 1, 2012 and become chairman in April, the company said in a statement.
Kwa is the deputy chairman of the board of directors of state investor Temasek Holdings and is a former chairman and managing director of ExxonMobil Asia Pacific Private Ltd before retiring in October 2011. Temasek owns about two-third of NOL.