T.S. Lines Limited disclosed a major leadership transition effective 1 June 2026. Founder Mr. Chen Teh-Sheng will resign as Executive Director, Chairman, Chairman of the Nomination Committee and Chief Executive Officer, though he will remain as a senior advisor on significant matters. The company states there is no disagreement between Mr. Chen and the Board, and no other issues requiring shareholder attention.

Executive Director and current Vice-Chairman Mr. Chen Shao-Hsiang (James) will succeed his father as Chairman, Chairman of the Nomination Committee and CEO on the same date. James Chen, aged 43, joined the Group in September 2022 and has 17 years of sector experience, including senior positions at TEH Shipping Lines. His existing service contract (three-year term from 25 April 2023) provides a director’s fee of US$42,000 per annum and CEO remuneration of US$180,000 per annum. As at the announcement date, he is deemed interested in 618.90 million shares, representing 37.17% of issued capital.

The Board acknowledged that combining the Chairman and CEO roles deviates from Corporate Governance Code provision C.2.1 but believes James Chen’s experience and the presence of three independent non-executive directors provide sufficient checks and balances. The arrangement will be kept under review.

In a further move, Ms. Chen I-Chi (aged 46) will join the Board as Executive Director and become a member of the Remuneration Committee, also effective 1 June 2026. Currently Group Vice-President overseeing finance, treasury and compliance, Ms. Chen holds extensive experience in financial management and strategic planning. Her forthcoming three-year service contract is expected to carry a director’s fee of US$42,000 per annum. She, too, is deemed interested in 618.90 million shares, equal to 37.17% of the company’s equity.

The Board thanked the outgoing founder for his decades-long contribution and formally welcomed the new appointees as part of a structured succession plan.