Captain Wei Jiafu will be replaced by deputy chief Ma Zehua but may retain what Chinese media outlets are calling an “honorary chairmanship” following more than 40 years of service.
According to a report from Sol.com.cn, cited by Bloomberg, and later by Sinoship News, Cosco has chosen executive vice president Li Yunpeng to fill the post vacated by Ma.
Several Chinese news sources claim the appointments were announced at a meeting of Communist Party cadres that took place inside the shipping giant’s Beijing headquarters.
Quoting an unnamed spokesman one report described Wei’s departure as a “normal personnel change” that was based on the executive’s age.
Observers note that state-backed conglomerates like Cosco are controlled by the government in the form of the State-Owned Assets Supervision and Administration Commission of the State Council (Sasac).
They say top leadership positions are decided not by the government but by a powerful wing of the Party, however, called the Organization Department.
Some are quick to point out that Sasac and the Organization Department do not always see eye to eye as the former is often seen as more financially than politically motivated.
It’s unclear if Wei’s retirement will mark the end of his various affiliations with Coscos’ many listed subsidiaries.
Calls and emails seeking comment about the succession plan were not immediately returned Monday evening.
The reports follow speculation that some investors have been pushing for a shake-up following a long series of deep losses.
