Orient Overseas International Limited (OOIL) said that Huang Xiaowen has retired as executive director and CEO of the company, and is no longer a member of the Executive Committee and the chairman of the company's Inside Information Committee, Risk Committee, and Strategic Development Committee.
Chen Yangfan has been appointed as the new executive director and chief executive officer of OOIL. Chen Yangfan, 47, is the deputy general manager and a member of the Party Committee of China Cosco Shipping Corporation Limited.
Yangfan has signed a letter of appointment with OOIL as an executive director and chief executive officer for a term of three years beginning on 25 October, unless either party gives the other six months' written notice to terminate the appointment before the term expires.
In addition, he shall retain office until the company's next annual general meeting and shall be available for re-election at that meeting, and is subject to retirement by rotation and re-election at any future annual general meeting of OOIL in line with the company's Bye-Laws.
According to a statement, Chen Yangfan will not receive any emolument from the company for his directorship in the company, but the expenses incurred in connection with the discharge of his duties as a director and the chief executive officer of the company will be borne by the company.
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