Wan Chee Foong to Lead Pacific International Lines as CEO from April 2027

The Board of Directors of Pacific International Lines (PIL) today announced the appointment of Mr Wan Chee Foong as Deputy Chief Executive Officer, effective 5 October 2026, as part of a planned leadership succession. Mr Wan will succeed Mr Lars Kastrup as Chief Executive Officer in April 2027. Mr Kastrup will remain Chief Executive Officer through the handover period and thereafter serve as advisor to the Board.

The appointment concludes a rigorous Board-led succession process that considered both internal and external candidates globally.

During the six-month period, Mr Wan will work alongside Mr Kastrup and the senior leadership team, progressively assuming responsibility for the Group's commercial, operational and strategic priorities. The senior leadership team reporting to the CEO remains unchanged.

Mr Wan brings nearly three decades of leadership across transportation, ports and logistics, spanning operations, investment and strategy. At PSA International, Mr Wan held senior operating roles including Regional CEO for the Middle East and South Asia, Head of Group Business & Commercial Development. He was also CEO at PSA BDP, PSA's global supply chain solutions business. Mr Wan was a member of PSA International's Senior Management Council from 2014 to 2025.

Mr Wan pairs this with his deep investment expertise, having spent nine years at Temasek from 2003 to 2012 in transportation and logistics, including supporting the establishment of SeaTown Holdings. Mr Wan joins PIL from Temasek where he currently serves as Managing Director, Corporate Strategy, and started his career in Singapore Airlines. Beyond his executive career, Mr Wan serves as an independent director of Bahri, the National Shipping Company of Saudi Arabia, and sits on the board of the National Council of Social Service.

Mr Kastrup joined PIL in July 2020 as Senior Advisor and later became Co-President and Executive Director in March 2021, and CEO in July 2022, after more than 40 years in container shipping. Under his leadership, and with a stronger, deeper management team, PIL has:

• Restored and sustained profitability: Group EBITDA rose from US$558 million in FY2023 to US$1.50 billion in FY2025, with net profit after tax of US$1.04 billion in FY2025 on revenue of US$4.27 billion. FY2026 is well on track to exceed FY2025, building a robust balance sheet to sustain the growth and resilience of PIL.
• Renewed the fleet: Capacity has grown by more than 50 per cent to approximately 500,000 TEU as PIL replaced smaller ships with larger and more efficient ones, including ten LNG dual-fuel vessels delivered by H1 2026. A further eighteen LNG dual-fuel newbuilds on order and fourteen long-term charter vessels are due for delivery through 2029, on a programme designed to replace up to half the fleet within the next five years.
• Strengthened ownership of its international network: Expanded network of wholly-owned and controlled agencies, which now handle approximately 98 per cent of cargo volume.

PIL approaches its 60th anniversary in 2027 with the most modern fleet in its history and a renewal pipeline already in the yards, an expanded network that it controls, a strong balance sheet, and an experienced leadership team in place.

Mr Lars Kastrup said: "When I took on this role, I was entrusted with a company founded by the Teo family in 1967, carried forward by generations of colleagues, and backed today by shareholders committed to its next chapter. My objective was to build the resilience, discipline and capability to perform through industry cycles. Thanks to a supportive Board, our colleagues on shore and at sea, and our partners, PIL stands today with a renewed fleet, a largely owned agency network, a strong balance sheet and the trust of customers. With that foundation in place, this is the right time to hand over. Chee Foong brings the experience and judgement to take PIL into its next chapter, and the ships we ordered will arrive on his watch. I couldn't be more confident in what comes next."

Mr Andrew M Lim, Chairman of the Nomination and Remuneration Committee and Independent Director, said: "Lars has guided PIL through an important period with steadiness, clarity and resolve. The company is stronger today — in its financial position, its fleet, its network and, importantly, in the quality of its leadership team and culture. That strength makes this the right time to put in place a carefully planned succession. In Chee Foong, the Board has chosen a leader with deep experience across ports, logistics, investment and strategy, and a strong understanding of the maritime sector. With Lars continuing as CEO through the handover and agreeing to stay on thereafter as advisor, our focus is to ensure continuity for PIL's people, customers and partners, while positioning the company for its next phase of growth."

Mr Wan Chee Foong said: "I am honoured by the Board's trust and excited to build on the strong platform Lars and the PIL team have established. My immediate focus is to ensure a smooth handover, while working with colleagues, customers and partners to deepen PIL's network, strengthen customer trust and build its next chapter as Singapore's premier global shipping company."