China Shipbuilding Industry Corporation (CSIC), one of two state-run shipbuilding conglomerates in China, has announced that Hu Wenming has ceased to be the chairman of the group due to retirement.

Hu, 62, has been the most powerful man in China’s shipbuilding industry over the past seven years, having served as chairman of both CSSC and CSIC.

Hu started his career in the aviation industry in the 80s and served many positions in Aviation Industry Corporation of China (AVIC). He was appointed chairman of China State Shipbuilding Corporation (CSSC) in 2012 and moved to CSIC as chairman in 2015 in a management swap between CSSC and CSIC arranged by the central government.

In July, CSSC and CSIC officially confirmed their intentions for a long expected merger and currently the two groups are working on possible merger plans.