Shanghai: Cosco said on Tuesday in a filing to the Shanghai Stock Exchange its chairman Wei Jiafu has resigned as the company's chairman, chief executive officer and all other positions within the company with immediate effect, citing age.
SinoShip News first reported the departure of the charismatic shipping veteran more than three weeks ago. Cosco is heavily in debt, indeed the losses its flagship listing, China Cosco Holdings, has suffered in the past two years are the equivalent of its market capitalisation. A third straight year of losses could see the flagship embarrassingly delisted from the Shanghai Stock Exchange.
Ma Zehua, installed as president a couple of years ago, will replace Wei as chairman. [17/07/13]
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