Hyundai Merchant Marine appoints Bae new CEO

Hyundai Merchant Marine appointed Bae Jae-hoon as its new chief executive Wednesday.

Bae was elected as a board director at the shipping line’s annual general meeting held Wednesday and then appointed chief executive in the board meeting that followed. He will serve a two-year term.

Bae served as CEO of Pantos Logistics from 2010 through January 2016. Previously, he built his career at key LG affiliates.

Bae was named CEO candidate by a committee consisting of representatives from the shipping line’s major creditor banks, including the Korea Development Bank.

A press officer from Hyundai Merchant said Bae “is a logistics expert who has served his CEO role at a logistics company for six years and knows how to deal with negotiations and manage organizations.”

Bae’s appointment comes as Yoo Chang-keun, the company’s past CEO, expressed his willingness to resign last month. Yoo led Hyundai Merchant during a period when it was at risk of failing.

By Kim Jee-hee