Korean owner HMM has brought in logistics specialist Jae-hoon Bae as its new president and CEO.
He is replacing CK Yoo, who announced in February he would be stepping down at the end of this month.
Bae was recommended earlier in March by a committee led by Korea Development Bank following a "comprehensive candidate examination", the company said.
He has already visited the office to meet HMM’s senior executives and "thoroughly checked current and future business conditions for the company," HMM added.
An HMM official said: "Mr Bae, an expert in logistics who successfully served as CEO of Pantos Logistics for six years, is favoured because of his broad understanding and capabilities in terms of sales negotiation, global management, and organisational management.”
Bae is expected to focus on a "customer’s view" of handling HMM’s current issues in order to lead managerial innovation and strengthen sales competitiveness, the official added.
The executive worked for LG Semicon as a marketing director in 1990 and was promoted to president of LG Semicon America in 1997.
After that he served as vice president of LG Electronics MC Overseas Marketing from 2004, and subsequently became CEO of Pantos Logistics from January 2010 to January 2016.
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.
Yoo first joined HMM in 1986. He has been described as a “containership man”.
The company has revealed a reduced 2018 loss of KRW 808bn ($718m).
