Hyundai Merchant Marine (HMM) CEO CK Yoo is resigning from the company.
In a letter to staff, he said: "The time has come for me to say farewell to you in advance as I decide to resign from my position as president and CEO of HMM at the coming shareholders meeting slated for the end of March this year."
Yoo, who was previously HMM's CEO between 2012 and 2014, was brought back in 2016 to oversee the successful restructuring of the company while rival Hanjin Shipping collapsed.
And he recently tried to secure the long-term future of the shipowner through orders for five VLCCs and 20 large containerships.
In April last year he had his term extended into 2021.
He added: "Taking this opportunity, I want to convey my sincere gratitude to all members of HMM who have been sweating together for the reconstruction of HMM from the disarray for the last two and a half years."
Yoo first joined HMM in 1986. He has been described as a “containership man”.
The company revealed a reduced 2018 loss of KRW 808bn ($718m).
Not an easy decision
Yoo wrote: "It is not easy for me to decide to leave HMM in the middle of this critical moment of 'war on loss” with the 2020 challenges looming on the horizon but I comfort myself with the thought that HMM has become much healthier than before thanks to doubled support from the customers which we have achieved through our concerted efforts and furthermore key cornerstones have been laid successfully for the sustainable and profitable growth after 2020.
"Ultra large containerships with scrubbers are under construction and the tasks of securing the hub terminals supporting the growth of volume have been completed with the agreement on Busan terminal reached of late. Our IT capability will be enhanced in line with our expansion plan.
"The new era requires new leadership. I sincerely do hope that under the new leadership all of you will closely work together and write a new history of HMM in the years to come by winning 'the war on loss'.
"Working with you all has been my great joy and pride, which I will cherish for the rest of my life."
HMM told TradeWinds it has not been informed about his future plans,.
It added that a replacement has not yet been selected.
