Kastrup and Gan have been appointed Co-Presidents and Executive Directors of PIL, founded and run by the Teo family. Last week saw Temasek’s Heliconia completing a $600m rescue deal for the Singapore shipping company, which faced bankruptcy last year.
Family member SS Teo will remain as Executive Chairman of PIL. Both Kastrup and Gan had served as advisors to PIL since July last year, when it was working with Heliconia on the rescue deal.
Kastrup brings with him over 30 years of shipping experience and his last post was CEO of NOL/APL and Executive Vice President of CMA CGM Group Strategy and M&A. He was former Executive Vice President of Assets CMA CGM Group heading up CMA Terminals, CMA Ships, Container Logistics as well as regional carriers such as MacAndrews, OPDR and Mercosul.
Gan holds board positions at Heliconia, CEI Limited, Surbana Jurong, ICHX Tech and Bank of China Fullerton Community Bank. He was previously the CEO of Fullerton Financial Holdings and Co-Chief Investment Officer at Temasek, where he was also Chief Financial Officer, Senior Managing Director for Special Projects and Head of China.
Teo commented on the appointments: “I have known them both for many years and PIL has benefitted from their invaluable advice over the past few months, culminating in PIL’s successful restructuring. They are a strong addition to the management team and they have the full measure of my trust. I look forward to working with them as PIL moves forward.”
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