The president of China Cosco Holdings, the Hong Kong-listed flagship of the Cosco empire, has resigned.
Jiang Lijun stepped down as president and executive director after four years in the post, the company said, because he had reached retirement age.
Xu Zunwu will replace Jiang in the top job, starting today. Xu had been the deputy general manager of the company, as well as overseeing most of the conglomerates dry bulk businesses.
Cosco is expected to announce merger plans with China Shipping within the next month, something that will bring a further significant overhaul of senior management at both companies.