Zhongchang Marine has announced that Chen Shengjie, president of the company has resigned for personal reasons, just one year after he joined the company.

Chen joined the company in September 2014 from Hong Kong-based investment firm Reorient Group.

Zhongchang Marine is currently working on a major restructuring deal. It has suspended stock trading since August 18.

The company reported a net loss of RMB35.9m ($5.6m) for the first half of 2015. It said earlier that it might face the risk of delisting if it suffers losses again this year, following the consecutive losses in the past two years.