James Chao, 96, is stepping back into the role of Foremost Group chairman following the death of his daughter on Sunday in a car crash in Texas.
It is understood that Angela Chao was born in the United States, originating from Jiading District, Shanghai, is the youngest daughter of James Chao, the American Chinese ship king, and the sister of Chao Xiaolan, the former U.S. Secretary of Labor. Angela Chao had been CEO of the shipping company since 2018.
Founded in New York in 1964, Formosa Group is now the largest Chinese shipping company in the U.S., for which James Chao has been honored as the “King of Chinese Shipowners in the U.S.”. Its main business includes international shipping, finance and international trade.
“Angela Chao was a formidable executive and shipping industry leader, as well as a proud and loving daughter, sister, aunt, wife and mother. She will be greatly missed and leaves a legacy of pioneering leadership – especially for women in shipping, philanthropy and the arts,” the company said in a statement issued earlier this week.
Recently, Formosa Group returned to China after nearly 5 years and placed an order for 4 x 82,000 DWT methanol dual-fuel bulk carriers with CSSC Chengxi Shipyard, which are expected to be delivered from 2027 to 2028.