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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.

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