Wei to step down as COSCO chief executive
China COSCO Holdings Co., parent of liner carrier COSCO Container Lines, will this week replace longtime chief executive Wei Jiafu, according to a report by Reuters.
Wei will remain as chairman of the country’s top shipping conglomerate, while China Shipping Group vice president Ma Zehua will replace Wei as CEO, a company official told Reuters.
The official described it as a change of role for Wei, and had nothing to do with his 'capabilities or business performance, but because of his age,” adding such change was normal in state-owned enterprises.
State-owned COSCO warned this month it would likely make a net loss in the first half of this year due to falling freight rates and high oil prices, the report said.