Leadership shake-up at CSSC Shipping as top executives exit
Shipyard-backed lessor has announced the departure of its general manager Li, as well as the resignation of company secretary Ding
Employment contract of general manager and chief executive Li Xi was not renewed, while company secretary Ding Weisong submitted his resignation. Moves come after CSSC Shipping replaced its chairman in May 2024
CSSC (Hong Kong) Shipping, part of China State Shipbuilding Corp, has undergone a leadership shakeup, with general manager and chief executive Li Xi, as well as company secretary Ding Weisong, stepping down from their positions.
Li did not have his contract renewed when it expired at the end of 2024, said the Hong Kong-listed ship leasing unit.
“Li Xi has confirmed that he has no disagreement with the board, and there is no other matter relating to his departure that needs to be brought to the attention of the shareholders of the company,” the statement said.
Li was appointed general manager in March 2022 through open recruitment. Before that, he was deputy general manager of CSSC Huangpu Wenchong Shipbuilding.
His role as chief executive has been taken over by Li Hongtao, who joined CSSC Shipping as chairman in May 2024, after relocating from CSSC Group’s vessel trading unit.
Meanwhile, Ding Weisong has resigned as company secretary of CSSC Shipping, a role he has held since September 2018.
Ding, who joined CSSC Shipping in December 2012, was also appointed deputy general manager in April 2022, responsible for assets and risk control.
Ding’s company secretary role will be filled by Wu Guanhua, who joined the Chinese lessor as director of the finance department in 2020.
CSSC Shipping did not explain the specific reasons for the personnel changes. The company has been approached for comments.
Lloyd’s List learned that several other deputy general manager-level professional managers also did not have their contracts renewed, in addition to Li.
CSSC Shipping’s latest financial statement shows it recorded HK$1.3bn ($167m) profits for the six months to June 2024, up 22.9% year on year. Revenue grew 13.5% to nearly HK$2bn.
The company’s vessel portfolio comprises 148 ships of various types — ranging from handysize bulkers to 174,000 cu m LNG carriers — including 125 vessels in service and 23 ships on order.
Last week, CSSC group, the parent company, disclosed it had replaced its former chairman Wen Gang with Xu Peng, former head of state-owned equipment manufacturing giant China First Heavy Industries.
The appointment came after reports that Wen was taken away by anti-graft investigators in late October.
