The chairman of China's Cosco yard group has retired, effective immediately, the company said.

Wei Jiafu retired as chairman, chief executive and all other positions within the company, according to a statement. The company cited Wei's age as the reason for his departure. He was born in 1950, according to official Chinese newspaper China Daily.

Cosco - which owns the world's biggest commodities fleet as well as stakes in shipyards and rig-makers holding a third of China’s offshore equipment orders - announced on 1 July that the group’s president Ma Zehua would be taking over for Wei, but provided no time line for his predecessor's departure.

Ma will be tasked with returning Cosco to profitability after two straight years of billion-dollar losses under Wei. The group is currently restructuring assets of its listed flagship China Cosco Holdings.