As anticipated, Nicolas Sartini has been named CEO of Neptune Orient Lines (NOL) now that CMA CGM has taken majority control of the Singaporean carrier, which owns boxline APL.
Serge Corbel will take over as CFO, while Rodolphe Saadé, son of the CMA CGM founder, is NOL’s chairman. CMA CGM took over NOL on June 9 and is moving fast to make changes.
“APL’s extensive global footprint will be a huge asset to us as we take the business forward as part of the CMA CGM Group,” Saadé commented today.
Sartini was promoted to group SVP at CMA CGM this January, tasked with overseeing the integration with NOL.
Outgoing chief executive Ng Yat Chung last week admitted NOL had been “a bit slow and reluctant to change”.
“The market growth has slowed down, there is severe overcapacity, so we had to recognise that the business model needed change. We didn’t have the right cost position in an industry that was becoming more and more commoditised,” he told the Straits Times.