At the same time as announcing a $419m loss for 2012 NOL said McAdam would be leaving the company “later this year”.
“Now is the appropriate time for me to step down and pursue new career objectives. Our business, and our organisation, is well positioned to continue our rapid growth and achieve the long-term goals that we have set for APL Logistics,” said McAdam. He will remain with APL Logistics until a successor is found.
APL Logistics reported EBIT level profits of $67m in 2012, compared to a $279m loss by APL’s liner shipping business.