Wei to step down as COSCO chief executive

Wei to step down as COSCO chief executive

Wei

   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.