Andy Tung announced on Friday he is stepping down as co-chief executive at OOCL at the end of this month, handing over the reins at the Hong Kong-based liner to his Cosco Shipping colleague Yang Zhijian.
The Tung family sold the liner business to state-owned Cosco last year for $6.3bn. Since then, the Tungs have been active developing their bulk fleet at privately held Island Navigation.
Tung will remain on the board at OOCL. Cosco executives stressed when taking over the line last year that they intended to maintain the OOCL brand.