Orient Overseas International Ltd (OOIL) has revealed Andy Tung is leaving his role as co-CEO of boxship unit OOCL.
The Hong Kong company said Tung, 55, will become a non-executive director at OOIL from 1 January, and remain as a member of the finance committee, as recommended by the nomination committee.
He was sole CEO at OOCL from 2012 to August 2018, and then joint CEO after that.
The company was sold to Cosco at that time, and the Chinese state group brought in Cosco Shipping Holdings (CSH) vice chairman Wang Haimin to co-manage the shipowner.
Wang became CEO of OOIL in September. Zhijian Yang, general manager of CSH and managing director of Cosco Shipping Lines, was brought in as his replacement at OOCL.
From 1993, Tung has served the group in various capacities, including director of reefer trade.
His new director role involves a three-year term with a salary of HKD 350,000 ($45,000) per year.
Tung is the grandson of OOCL funder Tung Chao Yung.
