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Cosco Singapore president 'retires'

Cosco Singapore president 'retires'

Singapore: Ji Hai Sheng (pictured), vice-chairman, president and executive director of Cosco Corp Singapore, the shipbuilding and repair unit of China's biggest shipping company, has stepped down with effect from today. The announcement, revealed in a company announcement to the Singapore Exchange, describes the move as a 'retirement'.

Jiang Lijun, Cosco Shipping ceo is to take over as vice-chairman and president of the company from Ji, who has also relinquished his responsibilities as a member of the nominating, remuneration and enterprise risk management committees.

Local newspaper The Straits Times has reported Ji as revealing, in a telephone interview, that he was informed of the board's decision only yesterday. He declined to give details such as the reason for his departure or his plans.

Shares in Cosco Corp. Singapore have fallen to S$2.51, the lowest price in 17 months of Singapore trading following the announcement, Bloomberg reports.  [07/08/08]