JES chairman appoints daughter as new ceo

The 31-year-old has worked at JES since 2009 as business development manager before being promoted to deputy ceo and being appointed an executive director in 2013.

The nominating committee has considered Jin's track record, age, working experience, capabilities and other relevant factors for the appointment as chief executive officer of the company and recommended to the board for her appointment, JES said in a stock market release.

The new ceo Jin said: “The restructuring of the group’s subsidiaries in China requires close supervision. Jin Xin has stepped down as chairman and ceo to devote more time to ensure the successful restructuring of the affected subsidiaries and operations in China.”

She added: “The restructuring exercise is a necessary step to bring all the subsidiaries’ businesses back to profitability.”

On 4 March, the main subsidiary of JES, Jiangsu Eastern Heavy Industries (JEHI) had filed to a Chinese court for a restructuring of its debt and liabilities.

Meanwhile, JES announced that a local Chinese bank has extended new banking facilities to another of its subsidiary Jiangsu New Eastern Marine Equipment to finance its ongoing and future projects.

Jiangsu New Eastern Marine Equipment is one of the ‘white list’ shipyards of the Chinese government and it has secured the group’s latest shipbuilding contracts and option worth about $1bn.