There has been a significant changing of the guard in the boardroom of Pacific International Lines (PIL) in the wake of the carrier being bailed out by Singapore’s sovereign wealth fund last week.
Gan Chee Yen and Lars Kastrup have been appointed co-presidents and executive directors with members of the founding Teo family making way.
Both men have served as advisors to PIL since July 2020. Gan worked with Heliconia Capital Management, part of sovereign wealth fund Temasek Holdings, which last week committed $600m to save the SS Teo-led carrier. Gan also served on the board of Neptune Orient Lines (NOL) from 2003 to 2005.
Kastrup, meanwhile, is very well known in Southeast Asian liner circles. He served as CEO of APL, and held many senior positions at CMA CGM. His career started with AP Moller-Maersk.
Teo, PIL’s executive chairman, said of the new appointments: “They share our vision for a dynamic PIL, and embody the spirit of excellence that is so fundamental to our culture.”
PIL, incorporated in 1967, is the largest carrier in Southeast Asia with a fleet of around 100 container and multipurpose vessels. Over the past two years it has been forced to sell a swathe of assets to stay afloat.