Cosco VP’s retirement shocks industry

Singapore - Cosco's vice chairman, president and executive director Ji Hai Sheng (56) retired on 7 August, a decision that was made known to him only a day earlier by the board of directors.

Cosco released a statement announcing the retirement of Ji a day earlier, shocking industry players and reportedly, Ji himself, who was informed of the board's decision just a day before the announcement was made.

"The board of directors of Cosco would like to express their sincere thanks and appreciation to Mr Ji Hai Sheng for his significant contributions to the company during his term of office and wish him well in all this future endeavours," the company statement said.

The executive declined to disclose reasons for his departure or his plans.

Ji was appointed president of Cosco in November 2000 and was named vice chairman on 14 February 2006.

Sias Research investment analyst Alan Lok was quoted in The Straits Times as saying, "This comes as a shock. He played a major part in revamping the company, streamlining the business and transforming Cosco into a major player in Singapore."

During his tenure, Ji restructured the businesses of the group from an investment holding company to a leading player in ship repair, shipbuilding and marine engineering operations in China.

He will be succeeded by Jiang Li Jun (53) with immediate effect. Jiang joined Cosco as an accountant upon his graduation in December 1974 and has held various positions within the Cosco group, including CEO of Cosco Shipping, a position he held for six years.