NOL appoints Thomas Held to succeed outgoing CEO David Lim
Neptune Orient Lines (NOL) has found a successor for outgoing chief executive David Lim. In a statement out on Wednesday, NOL says Thomas Held will take the helm on November 1. Mr Held was previously Chairman and CEO of the German logistics firm, Schenker. Mr Held says he aims to create value for NOL by using the company's strong balance sheet. He also feels there is a range of opportunities available to the company. NOL says Mr Held's experience would help the group to take advantage of future market opportunities. The container shipping line announced in June that the outgoing CEO David Lim would leave the company during the second half of the year. The container shipping industry is seen heading into a cyclical downturn. NOL shares have retreated 17 percent since the start of this year.