Wei Jiafu Steps Down as Cosco Chairman, CEO

Cosco Group reported that Wei Jiafu has relinquished all his positions, including Chairman and CEO, in the China-based shipping company, with immediate effect, citing age as the reason, according to the firm's filing to the Shanghai Stock Exchange.

Cosco recently announced the appointments of new leadership for the company although there was no mention on when the appointments will take effect.

"Ma Zehua is appointed as the Chairman of the Board of Cosco Group. Li Yunpeng is appointed as the Director of the Board and the President of Cosco Group. Captain Wei Jiafu is retired and no longer holds any position in Cosco Group," the company said in a July 1 press release.

Wei, 63, has been Chairman of Cosco since 1998.

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