Japan’s largest shipping line has announced a sweeping restructuring and a raft of senior management changes in its largest corporate shuffle this decade.
Mitsui OSK Lines (MOL) is creating a technology innovation unit and a new position, chief technical officer. Moreover, MOL is to finally install a chief financial officer who will supervise planning of strategies and measures to promote optimal groupwide funding and financial strategies.
Among other changes announced today, the head office organisation in Tokyo, which is made up of divisions and offices, will be unified into just divisions, to restructure and organise the organisational system and allow divisions to more effectively allocate their resources.
MOL’s tanker division – one of the world’s largest – will now be split in two. Tanker Division (A) will focus on crude tankers and Tanker Division (B) will control the company’s product and methanol carriers.
The changes are due to go into effect on April 1, the same day MOL cedes control of its container business to Ocean Network Express (ONE), the new liner giant created by the merger of the box fleets of MOL and Japan’s other two shipping majors, Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line).