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Hanjin CEO steps down 11-Nov-2013

  Hanjin Shipping chief executive Young Min Kim has agreed to step down from the post with immediate effect

Young Min Kim has agreed to stand down

He says he was resigning due to the company’s continuing losses and delay in securing financial support from major creditor banks.

In a statement Monday the South Korean shipowner said it had decided to accept his resignation and would seek a replacement.

Kim has been Hanjin’s president and CEO since January 2009. He will remain in place until a successor can be found.

Late last month major shareholder Korean Air was forced to inject KRW 150bn ($140m) into the ailing shipping company.

The fresh funds were to “overcome liquidity problems” and will see Hanjin Shipping pledge shares in return.

The shipowner says the company will continue to work on “various measures to improve liquidity and strengthen balance sheets.”

Hanjin posted a loss of KRW 83.2bn in the second quarter. Analysts believe it will require $3.6bn to fund expenditure and debt maturities.

Source: Tradewinds News


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