The ongoing merger between the two shipping conglomerates China Shipping Group and Cosco Group is seeing a big reshuffle among top management.
China Cosco Holdings has announced that it has received resignation letters from several senior directors including Sun Yueying, Sun Jiakang, Ye Weilong and Wang Yuhang due to other work arrangements.
Sun Yueying had been the chief financial officer of Cosco Group since 2000, Sun Jiakang was serving as vice chairman of Cosco Group, while Ye Weilong and Wang Yuhang both served as vice general manager of the company.
Sun Jiakang has now become the new president of China Shipping Development, which will be renamed Cosco Shipping Energy Transportation, while Sun Yueying has also moved to take the president role of China Shipping Container Lines (CSCL), which will be restructured into the financing and leasing platform of China Cosco Shipping Group.
In August, Cosco Shipping Energy Transportation appointed Liu Hanbo as general manager of the company and former general manager Han Jun, has moved to Cosco Shipping Logistics as general manager.
China Cosco Holdings reported a net loss of RMB7.2bn ($1.08bn) for the first half of 2016, racking up the largest interim net loss of a mainland-listed company for the last decade.