In a statement China Cosco said the directors had signed a written resolution that Wei had retired as chairman with effect from 16 July. The company said Wei had confirmed he had no disagreement with the board.
The move formalises a statement made by the Chinese government at the beginning of July that Wei would be retiring.
Stepping up to the role of group chairman is director, president and deputy secretary of party committee Ma ZeHua. Executive vice president and party committee member Li YunPeng has been appointed as the group president.
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