Wei Jiafu, chairman of China’s largest state-owned shipping company, will step down from China Cosco Holdings (601919.SHA, 1919.HKG) in a shake-up of senior management, effective immediately, The Wall Street Journal reported. Cosco is struggling to return to profitability after posting two straight years of losses. China’s Organization Department has appointed Cosco President Ma Zehua in Wei’s stead. Ma is tasked with turning the company around as Cosco faces being delisted from Shanghai if it posts a third year of losses. The shipping giant is suffering from softening global demand caused by trade and industry overcapacity, which have driven down freight prices.
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