Yantai Raffles Bids Adieu to CEO, Names New Chief

Yantai Raffles Shipyard Limited, the largest builder of semisubmersible drilling rigs in the PRC, announced that its CEO Cho Yong Jin has completed his three-year contract with the company.

Expressing his appreciation to Cho, Brian Chang said: "Yong Jin has contributed tremendously to YRSL's strong growth and dynamic progress over the past three years. Under his leadership, we created a solid infrastructure for our yard and substantially raised our production capacity through the new and upgraded facilities he spearheaded. On behalf of the Board, we would like to express our sincere gratitude to Yong Jin for his contributions to the Shipyard, and we wish him every success in his future endeavors."

In a statement by Cho, it said, "I am honored to have had the opportunity to serve YRSL, and I would like to extend my heartfelt gratitude to the directors, management and staff of the Company for their kind support throughout. I am confident that YRSL has the capacity to achieve its strategic goal and procure greater achievements in the years to come."

Brian Chang takes over as CEO, in addition to his current role as Deputy Chairman of YRSL.