ShippingWatch

China's shipping king retires

The Chairman of China's largest shipping group Cosco, Wei Jiafu, has retired following pressure from shareholders, according to a statement on the group's website.

China's largest shipping group, Cosco, has made changes to its senior management, and the Chairman is no longer named Wei Jiafu - or Captain Wei, as he's also known as. The now former Chairman has retired after 15 years on the job, according to a statement on the group's website.

The decision has been long underway, following massive pressure from shareholders, as many people feel that Captain Wei has helped lead the company into major difficulties through failed investments. In 2012, China Cosco Holdings lost more than USD 1 billion, and Wei Jiafu has since the beginning of the year been subject to massive critique from both shareholders and analysts.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Business profile leaves Bunker Holding

Bunker Holding loses prominent board member, who is former partner and executive in private equity firm EQT and who furthermore leaves the board in Uni-Tankers. Two new members join the board.

Further reading

Related articles

Latest news

See all jobs