Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones.
"Qiu Jinguang has resigned as an Executive Director, the Vice Chairman and Managing Director and also resigned as an authorised representative as well as the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee, and a member of the Nomination Committee and the Remuneration Committee due to work commitments, with effect from today (April 27)," says a statement from the company.
Zhang, who is 42 years old and joined the Cosco Group in 1995, is currently holding directorships at certain units of China Ocean Shipping (Group) Co. He served as Senior Vice President of Cosco North America, Inc.
"Zhang Wei, a Non-executive Director of COSCO Pacific, has been re-designated as an Executive Director and appointed as the Vice Chairman and Managing Director, an authorised representative, a Process Agent, the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee, and a member of the Nomination Committee and the Remuneration Committee with effect from today," reads the statement.
He joined COSCO group in 1995. He also served as General Manager of the Operating Management Division of China COSCO Holdings Company Limited, and a director of certain subsidiaries of China Ocean Shipping (Group) Company and China COSCO Holdings Company Limited.
It also appointed Fang Meng, 57, as deputy managing director at the Hong Kong-listed company.