Tung has held the post of co-ceo of OOCL since 2 August 2018 after the Tung family sold the Hong Kong-headquartered line to Cosco Shipping and will be relinquish the post at the end of this year.
Hong Kong-listed parent company Orient Overseas International (OOIL) said that Tung was being re-designated from an executive director to a non-executive director of the container line and would cease to be a member of its executive committee.
Tung will remain as a member of the Finance Committee, the Inside Information Committee and the Risk Committee of OOIL.
OOIL said Tung had entered into a three-year contract as non-executive director of the firm from 1 January 2020.
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