Angela Chao, CEO of New York-based dry bulk shipping company Foremost Group, sister of former U.S. Transportation Secretary Elaine Chao, and sister-in-law to Senate Minority Leader Mitch McConnell, has passed away as a result of a car accident, the company announced. She was 50.
Her father, Dr. James S. C. Chao, said the family “is devastated with grief,” in a statement released Monday. The family and company did not disclose further details related to her death.
“It is with a heavy heart and deep sadness that I announce the passing of my beloved youngest daughter, Angela Chao. Angela is a brilliant woman, a charismatic and visionary leader and much-loved by all her sisters, our entire family and friends,” James Chao said.
Angela Chao was chair and CEO of Foremost Group, a company founded by her parents in 1964 in New York. She worked her way up to lead the company in 2018, previously serving as vice president, concentrating on ship operations and ship management, and later promoted to senior vice president with additional responsibilities, according to Foremost Group’s website.
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Chao earned her bachelor’s degree in economics from Harvard College, graduating magna cum laud in just three years. She attended Harvard Business School, where she wrote a case study on “Ocean Carriers” that became part of the required curriculum for first-year HBS students, according to industry news website MarineLink.
In June 2016, Chao was appointed Chair of the U.S. Risk and Management Committee of Bank of China U.S.A.
“Angela’s legacy transcends her remarkable career achievements; her integrity, vision, and unwavering dedication to excellence have left an enduring imprint on our organization and beyond. Her strategic foresight, coupled with her commitment to detail and innovation, propelled both our institution and the broader financial sector forward,” the Bank of China U.S.A. said in a statement.
“Beyond her professional accomplishments, it is well-known that Angela was a paragon of compassion, generosity, and kindness. Her philanthropic endeavors, particularly in the realms of arts, culture and healthcare, enriched countless lives and sparked positive societal change on a global scale. Angela’s unwavering commitment to fostering cross-cultural understanding, building bridges between east and west, and her profound sense of social responsibility serve as a beacon of inspiration to us all,” the bank said.
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Chao had a distinguished career with many honors, including board membership on the American Bureau of Shipping Council and Massachusetts Maritime Academy’s International Maritime Business Department Advisory Board.
“She will be greatly missed and leaves a legacy of pioneering leadership — especially for women — in shipping, philanthropy and the arts,” Foremost Group said in a statement.
Chao’s passing was mourned by the Asian American Foundation, Webb Institute, U.S. Coast Guard Academy and other prominent organizations and institutions in the shipping industry.
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She was the youngest of six children born to James Chao and the late Ruth Mulan Chu Chao.
“Angela’s name in Chinese sounds like the characters for peace and prosperity. She certainly gave more than her share of both to this world. Her absence leaves a void not only in our hearts, but in the Asian-American community,” James Chao said.
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“Although we are heartbroken, my family and I have the deep conviction — nurtured by our Christian faith — that we will see Angela again, along with her mother and my beloved wife, Ruth Mulan Chu Chao, and our daughter and her sister Jeanette. They are forever in our hearts and our minds.”
Angela Chao is survived by her husband, American venture capitalist Jim Breyer; her 96-year-old father; sisters Elaine Chao, May Chao, Christine Chao, Grace Chao and their husbands Mitch McConnell, Jeffrey Hwang, Jos Shaver, Gordon Hartogensis; as well as nephews, Ben and Tyler Shaver; and nieces Alexia and Penelope Hartogensis, Jessica Ruth Chao Hwang and Miranda Mei Chao Hwang.