Pacific International Lines (PIL) has set out its succession plan, with Wan Chee Foong appointed Deputy CEO from 5 October and lined up to take over as Chief Executive Officer from Lars Kastrup in April 2027.
Wan is currently Managing Director, Corporate Strategy at Temasek Holdings, PIL’s majority shareholder through Heliconia Capital Management. He brings extensive experience across the transport, logistics and maritime sectors, having previously held several senior positions at terminal operator PSA.
His roles at PSA included Regional CEO for the Middle East and South Asia, Head of Group Business & Commercial Development and CEO of PSA BDP. Wan also served on PSA International’s Senior Management Council from 2014 to 2025.
Before joining PSA, Wan spent nine years at Temasek, from 2003 to 2012, working in transportation and logistics and supporting the establishment of SeaTown Holdings.
The leadership transition comes six years after Temasek stepped in to support PIL. Previously owned by the Teo family, the Singaporean carrier was rescued by Temasek in 2020 after facing financial difficulties.
Kastrup joined PIL in July 2020 as Senior Advisor before becoming Co-President and Executive Director in March 2021. He was appointed CEO in July 2022.
Reflecting on his time at the company, Kastrup said he had inherited a business founded by the Teo family in 1967 and carried forward by generations of employees, with shareholders committed to its next phase of development. His objective, he said, was to strengthen PIL’s resilience, discipline and capabilities so it could perform through different industry cycles.
He credited the company’s Board, shore- and sea-based employees and partners for helping build a stronger organisation, highlighting PIL’s renewed fleet, largely owned agency network, solid balance sheet and customer trust.
“With that foundation in place, this is the right time to hand over,” Kastrup said. He added that Wan brings the experience and judgement needed to lead PIL into its next chapter, while the ships ordered during his tenure will be delivered under his successor.
During Kastrup’s leadership, PIL has increased its capacity by more than 50% to 500,000 teu. The carrier currently has 18 LNG dual-fuel newbuilds on order, while 14 long-term charter vessels are scheduled for delivery through 2029. Together, these ships are designed to replace up to half of the existing fleet over the next five years.
Andrew M Lim, Chairman of PIL’s Nomination and Remuneration Committee and Independent Director, said Kastrup had guided the company through an important period with “steadiness, clarity and resolve”.
He said PIL was now stronger financially and across its fleet and network, while also benefiting from stronger leadership and corporate culture. In his view, that foundation made this the appropriate moment to implement a carefully prepared succession plan.
PIL said it considered both internal and external candidates from around the world as part of the CEO selection process.
Wan said he was honoured by the Board’s confidence and intended to build on the foundation established by Kastrup and the wider PIL team. His immediate priority will be to ensure a smooth handover, while working with employees, customers and partners to expand the company’s network, reinforce customer trust and develop its next chapter as Singapore’s premier global shipping company.
