PST – BT

CEO of PST Management resigns

PST Management (PSTM), the trustee-manager of Pacific Shipping Trust (PST), said that its chief executive officer and executive director Alvin Cheng has resigned with immediate effect yesterday.

Mr Cheng, whose surprise resignation took effect yesterday, left by mutual agreement with PSTM’s board and to pursue his personal aspirations, the trust-manager said.

The PSTM board, meanwhile, has initiated a search for a new CEO. To provide continuity, PSTM non-executive director Teo Choo Wee will act as CEO from today.

The resignation was a surprise as Mr Cheng had been in the job for barely over one-and-a-half years.

PSTM’s previous CEO Subhangshu Dutt held the position for about two years.

An industry source who had spoken to Mr Cheng about his resignation cited him as saying it was ‘complicated’.

Mr Teo, who has over seven years’ experience in the shipping industry, will be seconded from PST sponsor Pacific International Lines where he is currently the deputy general manager responsible for fleet management and the sale and purchase of ships.

On Mr Cheng’s resignation, PSTM chairman Benedict Kwek said: ‘Despite the difficult and challenging state of the shipping industry, as well as increasing pressures from charterers to reduce charter rates, PST continued to perform well under his leadership. The board appreciates the contributions Alvin has made to the success of the trust and we wish him all the best in his future endeavours.’

Mr Cheng on his part said that he ‘wished to thank the board of PSTM for their support and guidance during my tenor at PSTM’, adding that ‘it has been a valuable experience during this journey’.