Chinese owner Shandong Shipping has announced that the board of the company has received a resignation letter from its president Bao Jianying.
Bao, 55, had been the president of Shandong Shipping since 2010 and he will not serve any positions and leave the company after the resignation.
Shandong Shipping said the resignation is to meet the requirements from the contract reforms of state-owned enterprises (SOEs), a move that the central government is pushing forward to switch the life contracts of senior officials at SOEs to fixed term contracts.
The board has elected Fan Chenghai, president of the Shandong Offshore, to be the new president of Shandong Shipping.
