Cosco’s Captain to retire

The controversial and criticized chairman of the Cosco Wei Jiafu is stepping down, writes SinoShip News.

Cosco chairman Wei Jiafu, also known as Captain Wei, is by all accounts leaving his post as chairman of Cosco, which has been hit by major economic problems and write-offs in recent years.

According to SinoShip News, the Chinese central committee, which appoints the management of the state-owned company, has been prepping a new candidate Ma Zehua as the successor to Wei, who has worked for Cosco for more than 40 years.   

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