China COSCO to name new CEO
Ma Zehua replaces Wei Jiafu who remain chairman of the company China COSCO Holdings Co Ltd , the country's top shipping conglomerate, will name China Shipping Group vice president Ma Zehua as chief executive on Wednesday, a company official told Reuters.Ma replaces 61-year-old Wei Jiafu who is stepping down as CEO, but will remain chairman of the company."This is a role change for Capt. Wei," said the COSCO official, who asked not to be identified."The action has nothing to do with his capabilities or his business performance, but because of his age. This is normal for state-owned enterprises."COSCO warned this month it would likely make a net loss in the first half of this year due to falling freight rates and high oil prices.In the first six months of last year, COSCO reported a net profit of 3.45 billion yuan ($536 million).Source: Reuters
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