Wang Shuhua, who took the helm in September last year, resigned for personal reasons, according to a statement by Shenzhen-listed Sainty Marine.
The company’s board of directors subsequently elected Zhang Shunfu as the successor to Wang. The 53-year-old Zhang previously held senior positions at Jiangsu-based financial institutions.
Shipbuilder Sainty Marine is struggling with a host of problems including assets and accounts frozen by banks, contract cancellations, delays to newbuilding deliveries, lawsuits and departure of senior officials.
The company is expecting to record a net loss of between RMB350-370m ($56.4-59.6m) for the first half of 2015, as against a profit of RMB41.92m in the previous corresponding period.
The projected loss was adjusted upwards from an earlier estimated deficit of RMB118.7-160m due mainly to the failed debt-for-equity rescue deal over the restructuring of compatriot Nantong Mingde Heavy Industry.
Late Friday, Sainty Marine expressed urgency in trying to find a buyer for four of its newly-built 64,000 dwt bulk carriers in a bid to ease its tightening cashflow.
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