THE president of Mainboard-listed COSCO Shipping International (Singapore), Gu Jing Song, will be replaced by new appointee Zhu Jiandong, the company announced in a bourse filing on Thursday.
Mr Gu will remain as a non-independent executive director of the company, chairman of the board, chairman of the strategic development committee and a member of the nominating committee.
Meanwhile, Mr Zhu was also appointed a non-independent executive director of the company on Thursday. According to the company's website, he was previously deputy managing director of COSCO SHIPPING Lines Co, deputy managing director of COSCO SHIPPING Holdings Co and director of The Orient Overseas Container Line.
In the filing, COSCO Shipping International did not elaborate on the reason for Mr Gu's decision to step down as president, other than to list out the roles he will continue to hold. He had been appointed president in 2016, tasked with planning the company's overall business direction.
Cosco shares closed flat at S$0.29 on Thursday.