Hong Kong-listed Brightoil Petroleum (Holdings) Ltd (Brightoil) is seeking a new CEO to lead its Trading and Bunker division following last weeks resignation of Quek Chin Thean, Brightoil spokeswoman Ella Mak told Bloomberg in a telephone interview.
Quek Chin Thean, who was also the former CEO of Brightoil Petroleum (Singapore) Pte., quit due to the shipping industry's reduced demand for bunkers, according to the report.
Last week Mr. Stephen Qi Jun was appointed the new International Trading and Bunkering Chief Operating Officer to lead the daily operations of the team.
He was one of a number of changes to Brightoil's trading team as part of strategic reforms for a division that has faced an "extremely challenging shipping market environment with poor demand and lower margins."
Earlier this month the firm issued a profit warning saying that from the preliminary assessment of its unaudited management accounts "the Group has recorded a significant loss."
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