Seoul: Management changes have been made at South Korea’s Pan Ocean now that poultry processor Harim Group has completed its takeover of the former STX shipping line.
Two new ceos have been announced. Hong Kuk Kim, the ceo and chairman of Harim Group, will be joined by Sung Yob Choo, who headed up STX Pan Ocean, and then STX Corporation.
Four independent directors have been appointed as well.
Harim Group completed the takeover of Pan Ocean last month in a consortium with private equity firm JKL Partners. The line had gone into receivership two years prior with debts of more than $5bn.
Harim has said Pan Ocean will assist the poultry firm in shipping grain.
