CMA CGM executives move into NOL boardroom as takeover completes

As NOL became a subsidiary of CMA CGM, following the completion of the acquisition last week, its board announced new senior management: both veteran CMA CGM executives.

Nicolas Sartini (left) becomes CEO and Serge Corbel CFO on a new 10-member NOL board chaired by vice chairman of CMA CGM Rodolphe Saadé.

Mr Saadé succeeds Kwa Chong Seng, who served as chairman for five yearend will remain as an independent director.

Mr Sartini, group senior vice president of CMA CGM, takes the reins from Ng Yat Chung, NOL chief executive officer since 2011. Mr Ng will serve as an executive director on the NOL board and as special adviser to the chairman.

Mr Kwa said: “I am grateful for the invaluable insights gained from working with my esteemed fellow board members and the management team, and I would like to thank them for meeting the many challenges confronting the industry.

“Moving forward, NOL will benefit greatly from the depth and breadth of Rodolphe’s experience. His leadership will bring fresh perspectives to help navigate our container shipping line, APL, through uncharted waters ahead.”

Mr Saadé said: “It is my privilege to be able to serve on the board. I thank Chong Seng for his exceptional dedication and contributions to the NOL group all these years. His stewardship laid the groundwork for APL to compete as a key ocean carrier with access to major tradelanes across the world. APL’s extensive global footprint will be a huge asset to us as we take the business forward as part of CMA CGM Group.”

“NOL Group has the keen expertise and solid foundation which we will continue to build on. I would like to take this opportunity to thank Yat Chung who has led and steered APL through the numerous industry cycles. Together with Nicolas and Serge, as well as my fellow board members, I look forward to working closely with the management and staff of the NOL group to lead APL to greater success in the future,” he added.

CMA CGM owns approximately 78.07% of NOL shares, and does not intend to preserve the listing status of NOL.