JET fuel trader China Aviation Oil (Singapore) on Friday (Dec 1) announced that its executive chairman Gong Feng is stepping down, and will be replaced by Shi Yanliang from Dec 15.

Gong, who is 58 years old, took up the board position in 2020. His successor, 52-year-old Shi, was the chairman of China National Aviation Petrochemicals Pipeline prior to the new appointment. He has also served as general manager at China Aviation Oil Import & Export.

The change in leadership “is in line with the company’s key objectives of deepening the group’s senior management leadership”, said China Aviation Oil.

Shares of the company closed at S$0.855 on Friday, down S$0.01 or 1.2 per cent, before the announcement.