Chang Keun Yoo, president and CEO of South Korea container line Hyundai Merchant Marine (HMM) has decided to resign from his position next month.
Chang-Keun Yoo has been Chief Executive Officer and President of Hyundai Merchant Marine Co. Ltd since April 02, 2013 and serves as its Chairman of the Board. Yoo served as an Executive Vice President of Hyundai Merchant Marine Co. Ltd., and Head of HMM Europe Ltd.
According to a report in WSJ, he has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround. His successor has yet to be announced.
Yoo thanked staff for support and requested them “to join forces with an incoming CEO and make a new leap forward for history” in the emailed farewell message, declining to elaborate on what made him leave before his tenure ends, the report said.
The Korean government has kept HMM afloat following the collapse in 2016 of Hanjin Shipping Co. as the duo had long been a key pillar of the shipping sector crucial to the country's economy. HMM since 2015 has received about $2.5 billion in state aid arranged by KDB.
Despite the huge state bailout, HMM has accumulated around $1.6 billion in losses over 14 quarters.