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Ma Zehua steps down as chairman of China Cosco

Ma Zehua steps down as chairman of China Cosco
Ma Zehua has stepped down from his positions as chairman of the board and non-executive director from China Cosco Holdings Company Limited, effective 20 January 2016.

Cosco announced to the stock exchange that Wan Min, a non-executive director, has been appointed as chairman and a member of the executive committee.

Cosco said the the resignation of Ma is “due to change of work positions” and that Ma “has confirmed that he has no disagreement with the board”.

Ma had assumed the leadership position at Cosco back in July 2013 when his predecessor Wei Jiafu quit due to his retirement age.

Wan had held various senior roles at Cosco including the group’s container shipping units and freight department.

The latest changes in Cosco’s executive committee follow closely the merger deal between the two state-owned shipping conglomerates Cosco and China Shipping Group.