Singapore's PSA International's CEO, Eddie Teh, recently named one of the "100 Most Influential People in the Shipping Industry" by Lloyd's List, is retiring in August, reports the Straits Times.
"The PSA International board of directors and I have reluctantly accepted Eddie's request to retire and have obtained Eddie's concurrence to remain with the PSA group as special adviser to the group chairman,' said group chairman Fock Siew Wah in his letter to the group.
"Eddie felt it necessary to provide a long notice period to ensure proper forward planning for this leadership renewal process," said Mr Fock.
An internal and global search for a replacement is expected to take months. "Until new group CEO is appointed, Eddie will continue to provide leadership," he said.
Said Mr Teh: "I am fully confident that my successor will be found over the next few months, and until then, I trust I can count on your complete support and commitment to continue to work together to provide the quality services that our customers rightfully demand."
Mr Teh, 62, joined PSA in 2002 and is credited with much of PSA's overseas development. During his tenure, PSA grew from 15 to 28 projects, among which was the group's first foray into the Americas.
Mr Teh was a key figure in PSA's largest overseas investment: the US$4.4 billion purchase of a 20 per cent stake in Hutchison Whampoa's network of ports in 2006. It was an investment he would have been well versed with, having previously been an executive with Hong Kong's Hutchison Port Holdings (HPH) for 13 years.
