Yang Shaopeng has stepped down as long-serving chairman of SITC International Holdings, setting in motion a series of promotions that will remake the leadership of China’s second largest liner operator.
Chief executive Yang Xianxiang has stepped up to become chairman, while Yang Xin has been appointed as the company’s vice chairman. With over 30 years of experience in shipping, Yang was SITC director and CEO for more than 16 years. His term as SITC chairman will run for a term of three years.
Yang has been replaced as CEO by director Xue Mingyuan, who has also taken over his roles as chairman of the disclosure committee and sustainable development committee and as a member of the risk management committee.
As for SITC’s controlling shareholder and its top man for the past 18 years, Yang Shaopeng, he has been named as honorary life chairman of the Hong Kong-listed shipowner.
SITC said in a filing that Yang had no claims against the company regarding his resignation, no disagreement with the board and that there is no matter relating to his resignation that needs to be brought to the attention of the shareholders.
The intra-Asia feeder specialist ranks 13th in the global container shipping enterprises with nearly 100 owned vessels and second in China behind liner giant COSCO.
