Cosco's Wei to go

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Beijing: The Organisation Department of the CPC Central Committee is now going over candidates to replace the soon-to-retire Capt Wei Jiafu as chairman of the Cosco Group.

With shipping giant Cosco suffering huge losses for the past two years, some dissatisfied investors have called for Wei to step down, and rumours of his retirement have also been around for many months now. Wei is above the official age for retirement at a state-owned enterprise. 

Wei joined Cosco in the late 1960s following his studies at Dalian Maritime University and Tianjin University. His more than 40-year career in Cosco included a variety of executive roles both at home and overseas. 

Sources also predict that Ma Zehua, currently Cosco president, will most likely take over as chairman, while Wei may keep an honorary  position in Cosco given his contributions to the group.

A spokesperson for Cosco in Beijing declined to comment, telling SinoShip News that any personnel change of senior management will be subject to notices posted by the Organisation Department of the CPC Central Committee. [25/06/13]


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