Xu Lirong to Head Merged Giant COSCO-CSG
The current chairman of China Shipping Group (CSG) Xu Lirong handed top job at $74.7bn Beijing-backed merged entity of CSG and China Cosco Group.
Xu Lirong has been appointed chairman of China Cosco Shipping Group, according to statements posted by the two groups on their websites Monday.
Xu is a shipping veteran and served in senior positions at Cosco for more than 30 years before joining China Shipping (Group) as president in 2011. He was promoted to chairman in 2013.
Xu' counterpart at Cosco, Ma Zehua, hits retirement age later this year and is expected to step down. Cosco Group Executive Vice President Wan Min will become president of China Cosco Shipping Group.
China's State Council approved the establishment of China Cosco Shipping Group Ltd. as the merged grouping for the nation's two biggest shipping groups.
The move comes after China in December approved the merger of China Ocean Shipping (Group) Co., or Cosco Group, and China Shipping (Group) Co.. Beijing is attempting to overhaul its state-owned businesses, with the aim of creating bigger and stronger companies that can better compete abroad.
The merger deal of Cosco and CSG is expected to create several units focusing on distinct business areas such as container shipping, dry bulk shipping, ports and terminals, among others.