CHEN STEPS DOWN AS CHAIRMAN OF COSCO GROUP

CHEN STEPS DOWN AS CHAIRMAN OF COSCO GROUP    Chen Zhongbiao, the chairman of the board of the China Ocean Shipping Co. group, has resigned from the company.
   COSCO’s Beijing headquarters said in a statement that the positions of chairman and vice chairman have been eliminated, but it did not elaborate on the changes.
   A long-established senior executive of the Chinese state-owned carrier, Chen has restructured the various regional arms of COSCO and, in 1993, merged them into a single group, China Ocean Shipping (Group) Co. Chen has been president of China Ocean Shipping Co. and later China Ocean Shipping (Group) Co. since 1992. About a year ago, Chen was appointed chairman of the group, a position that was seen as less influential.
   Linked with the resignation of Chen, COSCO said that it has now cut from 12 to 7 the number of members of the leadership of group. The group’s senior executives are Wei Jiafu, Wang Futian, Wang Yunmao, Gao Weijie, Chen Hongsheng, Li Jianhong and Ma Guichuan.
   Gong Shangzhu is resigning as vice-chairman of the board.
   COSCO has effectively confirmed that its highest ranking executive is now Wei Jiafu, who will continue to be senior executive president of the COSCO group.
   Wang Futian has been appointed senior executive supervisor of the group.
   Wang Yunmao, Gao Weijie, Chen Hongsheng and Li Jianhong are senior executive vice-presidents.
   Ma Guichuan is chairman of COSCO’s labour union.