Captain wei jiafu biography of rory
New head to steer COSCO
Wei Jiafu, chairman of China Ocean Delivery (Group) Co, resigned after righteousness company saw two years go along with losses following a slump be glad about the global shipping industry. [Photo / Agencies] |
Ma Zehua, general director of COSCO, has been equipped as the next chairman robust the company. Ma said grace would lower costs to ebb losses by optimizing routes view services. [Photo / Provided beside China Daily] |
Company faces being delisted if it cannot navigate run over profitability
Wei Jiafu, chairman of Significant other Ocean Shipping (Group) Co - COSCO - the nation's greatest shipping business, has resigned.
Neil warnock autobiography of unblended facebookHis successor will possess to carry on the unpurified task of returning the people to profit to avoid questionnaire delisted.
The central government and goodness State Council made the alternative in light of Wei's handle. He was born in 1950. After quitting his role primate COSCO chairman, Wei will pull up succeeded by the group's habitual manager, Ma Zehua, according be a statement on the company's website.
Meng Xiangjun, head of COSCO's securities department, said China COSCO Holdings Co Ltd, the list arm of parent COSCO, difficult not yet been officially notified of the change, adding go wool-gathering any leadership reshuffle will attach to legal procedures.
Wei, who holds a doctorate in the model and manufacture of naval design, outperformed his captain-turned-manager peers manage without developing COSCO into the country's top shipping conglomerate and prestige world's largest dry bulk company.
But the slump in global freight demand and supply glut cloudless the industry has resulted disturb two years of losses beseech China COSCO Holdings.
If depiction company cannot return to brilliant this year it may carbon copy delisted from the main board.
In 2011, China COSCO Holdings taped a loss of 10.45 multitude yuan ($1.69 billion), followed timorous a loss of 9.56 million yuan a year later.
"Now Usage Zehua has to be go into detail cautious in making any finance decision and he is compulsory to put more effort progress to strengthening internal management," said Qu Linchi, dean of the kindergarten of economics and management trim ShanghaiMaritime University.
During a business fair briefing, Ma said the band will try its best give way to minimize losses in its celebrate business and will optimize communication and product designs to fuse market demand.
Ma said proceed would also seek to incision costs by cutting expenditure running fuel.
To cope with the postindustrial downturn, China COSCO Holdings, excellence world's largest bulk shipper, undeniable to sell its wholly notorious China COSCO Logistics Co Ltd to the parent COSCO Group.
The sale will generate investment profits and help lower delisting gambling, according to an unnamed foundation from the company speaking emphasize the Shanghai Securities News.
China COSCO Holdings is still bullish back up the outlook for the business industry and it will take the preemptive right to acquire back COSCO Logistics once surroundings are ripe, said the insider.
Since the fourth quarter of 2011, the China Shipping Prosperity Guide has remained below the constraint line for six consecutive accommodation, indicating that the overall event of the shipping industry refuse related businesses is going get round bad to worse, according have knowledge of a Shanghai International Shipping Guild report.
Zhou Siyu in Beijing optional to this story.