Leadership Changes at China's SITC International Holdings

Yang Shaopeng has resigned from his role as the long-standing chairman of SITC International Holdings, initiating a leadership restructuring at China’s second-biggest container shipping company.

Yang Xianxiang, previously the Chief Executive, has been promoted to chairman, while Yang Xin has taken on the role of vice chairman. Having devoted over three decades to the maritime sector, Yang Xianxiang served as SITC's director and CEO for upwards of 16 years and will hold the chairman position for a three-year term.

Xue Mingyuan, who was a director at SITC, has filled the vacancy left by Yang as CEO. Xue has also assumed Yang's former responsibilities, including chairing the disclosure and sustainable development committees, in addition to joining the risk management committee.

Yang Shaopeng, who has been the dominant figure and controlling shareholder of SITC for the last 18 years, has been honored with the title of honorary life chairman of the company, which is listed in Hong Kong.

SITC has clarified in an official statement that Yang’s resignation came without any claims against the company. Furthermore, there was no disagreement with the board, nor are there any issues related to his resignation that shareholders need to be made aware of.

Specializing in intra-Asia feeder services, SITC is the 13th largest globally among container shipping companies, owning close to 100 vessels. It holds the position as the second-largest in China, trailing behind the shipping conglomerate COSCO.