Y C Chang, the founder of Singapore’s Pacific International Lines (PIL), is handing the chairmanship of the company he founded to his son, SS Teo. Effective April 1, Teo will become executive chairman as well as managing director at PIL, the world’s 11th largest liner company. Chang, now in his 90s, will retire from the board but retain a chairman emeritus position, advising on certain strategic areas.
“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,” Chang said in a statement posted to the PIL site today.
PIL was founded by Chang in 1967, starting off with four coastal vessels. Today it is one of the largest shipping lines in Southeast Asia and the Teo family has plenty of other interests too, not least Singamas, one of the world’s largest container manufacturers.