Chang Yun Chung, the founding chairman of family-owned Pacific International Lines (PIL), has handed over the baton to his son, Teo Siong Seng after 51 years at the helm of the largest Singapore-owned shipping line. "I wish to inform you that as part of PIL’s ongoing renewal and succession plan, I will step down as Chairman with effect from 1 April 2018. The Board has selected SS Teo, current Managing Director, to lead the Company in the role of Executive Chairman & Managing Director," he said in a statement "At the same time, I will also retire from the Board and relinquish all my board responsibilities. However I will stay involved with the Company as Chairman Emeritus and will continue to advise the Board in certain strategic areas," he added. "I have worked closely with SS for more than 30 years and I am confident that he can provide the executive leadership necessary to bring PIL forward," he concluded. He thanked everybody for the confidence in PIL and the continued support in the last 50 years.
The board of Singapore-based container shipping company SS Teo has appointed Teo Siong Seng to succeed his father Chang Yun Chung as executive chairman and managing director. Founding chairman Chang Yun Chung will step down after 51 years at the head of the family-run company, but will take on the role of chairman emeritus, and occasionally advise on "strategic" sectors.