CK Yoo is resigning as president and CEO at HMM, South Korea’s flagship carrier. In an internal note sent to employees and seen by Splash today, Yoo thanked his colleagues for the “reconstruction of HMM from the disarray for the last two and half years”.
Yoo will take his leave at the next shareholders meeting at the end of March.
Yoo, in his second stint at the head of HMM, had originally been slated to keep the post through to 2021. During his tenure he brought the carrier through a tricky restructuring and signed a vessel sharing agreement with the world’s top two liners, MSC and Maersk – an agreement that comes up for renewal in 14 months’ time.
“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,” Yoo stated in a message to employees.
No replacement has been made public yet.