PSA International says chief executive Tan Chong Meng is set to leave the Singapore terminal operator in early 2024.
The government-backed company has named Ong Kim Pong — currently the regional chief executive of Southeast Asia at PSA International — as his replacement.
Tan, who will retire on 1 March 2024, joined PSA as its group chief executive on 1 October 2011. During his tenure, the company expanded its global footprint from 17 to 43 countries.
Tan said he felt that after more than a decade of spearheading PSA’s growth and transformation, it was a “timely juncture” for leadership renewal.
PSA said that during his tenure, Tan had “transformed PSA from a global port operator into a global supply chain orchestrator, growing the company’s network and value through maximising assets and engaging global business partnerships”.
“He has also increased PSA’s relevance to a wider customer base that includes cargo owners, shipping lines and supply chain service providers,” the company said.
Earlier this year, Tan restructured PSA into two core businesses — ports and cargo solutions — in a move in line with its long-term strategy that its new mid-mile logistics would be its “unique service differentiator”.
Tan was also described as a “strong believer in sustainable businesses” having supported investments and spearheaded innovations to decarbonise PSA’s operations.
PSA chairman Peter Voser described new chief executive Ong as a “well-respected professional” with almost three decades of experience in PSA’s operations across the world including South East Asia, Europe, the Mediterranean and North East Asia.
“He has a deep understanding of PSA’s business and is well-placed to helm the organisation’s continued transformation journey and growth,” he said.
Ong said he would “endeavour to build on Chong Meng’s contributions to the organisation” by expanding PSA’s core business in ports and logistics.
“Together, we will continue PSA’s transformation into a supply chain leader and global catalyst of sustainable trade,” he said.
Last year, PSA International achieved a 13% growth in full-year net profit to SGD 1.56bn ($1.1bn), despite container volumes handled contracting to 90.9m teu.
PSA Singapore contributed container volumes of 37m teu and terminals outside Singapore delivered a total throughput of 53.9m teu.
PSA International described 2022 a “very significant year” as it inaugurated the mega Tuas port in Singapore and fully acquired global logistics solutions provider BDP International.
