Wei steps down as chairman of Cosco Corp

WEI Jia Fu, the charismatic chairman of Singapore-listed Cosco Corp will step down from his post on Tuesday due to his engagement as president of China Ocean Shipping (Group) and chairman of China Cosco Holdings.

Cosco Corp also said that the move was part of good corporate goverance in sucession planning and leadership renewal.

The Singapore company has appointed Li Jian Hong, who is vice president of Cosco Group, as its new chairman.