Hanjin Heavy Industries & Construction chairman Cho Nam-Ho has left the board following the company's takeover by creditors in a debt swap.
The Korean yard said shareholders have approved a proposal to name a new president and CEO to replace Cho, who had said he would step down following its restructuring.
Earlier this month it was reported that university professor Lee Byung-mo was being brought in by creditors to run the group.
The former STX Offshore & Shipbuilding president and DSME vice president was to replace Cho.
A capital reduction has seen the company retire 86.3% of outstanding shares, including the entire 30.98% holding of HHICH and Cho's 0.5%.
Hanjin was hit by the court rehabilitation of its Philippines shipyard HHIC-Phil.
