China Cosco Holdings named Jiang Li Jun to replace Zhang Liang as president, extending a management shakeup that comes amid steep losses at the container line.
China Cosco said Zhang had resigned for other unspecified work assignments but that he would remain a director of the company. Jiang’s appointment follows the appointment in August of Ma Zehua as CEO of China Cosco Group, the parent of Hong Kong-listed China Cosco.
He replaced Wei Jiafu, who became chairman. At the same time, the group created a board of directors to oversee businesses that included global container and dry bulk shipping operations.
The move also comes after China Cosco Holdings last month reported a $325 million loss on its shipping business.
Jiang had been vice chairman and president of Singapore-listed Cosco (Singapore) and was deputy general manager of the company’s port operator, Cosco Pacific.
China Cosco said in a statement that Zhang said he has no disagreement with the board and there is “no matter relating to his resignation that needs to be brought to the attention of shareholders.”