PIL founder YC Chang is retiring from the Singapore container line after more than 50 years.
The veteran chairman is handing over the reins to his son SS Teo, the current managing director.
The board has voted to also appoint Teo executive chairman from 1 April.
In a statement, Chang said the move was "part of PIL's ongoing renewal and succession plan."
He added: "At the same time I will also retire from the board and relinquish all my board responsibilities.
"However I will stay involved with the company as chairman emeritus and will continue to advise the board in certain strategic areas."
Confidence in the next generation
Referring to his son, he said: "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.
"I would like to thank you for your confidence in PIL and your continued support in the last 50 years."
Chang established PIL in 1967 with the backing of 10 shareholders.
It initially operated just two vessels, former Dutch ships renamed Kota Singa and Kota Naga.
Within a decade, it would own and operate more than 60 tweendeckers, multi-purpose semi-containers, breakbulk vessels and livestock carriers.
It sent ships to China, the Arabian Gulf and East Africa.
In the late 1980s and mid-1990s, PIL made the transition from predominantly breakbulk into a largely containerised shipping operation.
