Xu Lirong will be stepping down as chairman and party secretary of China’s state-owned carrier, Cosco Shipping, after reaching the mandated retirement age of parastatal employees.
Xu, who has turned 65, has occupied the top spot of the world’s fourth-largest line for six years.
Wan Min will take over the reins after having served as Xu’s deputy before moving over to China Travel Service.
Wan had been with the line for 25 years prior to his departure some four years ago.
Under Xu, Cosco recorded some of its biggest expansion milestones.
Not only did it merge with China Shipping but it also shelled out $6.3 billion to acquire Hong Kong Orient Overseas Container Line (OOCL).
Although Cosco had to weather serious shipyard challenges, Splash 247 reports that it has become the most reputable brand for newbuilds in China.
In addition, it is the third-largest terminal operator in the world.
Xu is leaving Cosco on a high.
The company’s results, which will soon be made public, are widely rumoured to be the best that the line has yielded in 60 years.
