Bae Jae-hoon, HMM CEO, Effectively Secures Reappointment

CEO Recommended Solely by the Cervical Spine Committee

Bae Jae-hoon, CEO of HMM

[Asia Economy Reporter Dongwoo Lee] Bae Jae-hoon, President of HMM (pictured), has effectively succeeded in securing a second term.

According to industry sources on the 5th, the Korea Development Bank and Korea Ocean Business Corporation, the largest shareholders of HMM, held a management recommendation committee meeting and unanimously recommended President Bae as the sole candidate to lead HMM as the next CEO through a written resolution.

President Bae's reappointment will be finalized after the upcoming regular shareholders' meeting and board of directors' meeting next month. The management recommendation committee highly evaluated HMM's achievement of its best performance since its founding last year, recording its first annual profit in 10 years, which led to the decision to extend President Bae's term.

Previously, President Bae was appointed as HMM president in March 2019 through the recommendation of the then 'Hyundai Merchant Marine Management Recommendation Committee.' He previously served as Vice President in charge of overseas marketing at LG Electronics MC and as CEO of the logistics company Pantos. The Korea Development Bank highly valued President Bae's global sales capabilities and management skills.

Since his appointment, President Bae has succeeded in escaping losses by reducing operating costs and improving the financial structure, recording an operating profit of 980.8 billion KRW last year. As of the end of last year, the debt ratio improved to 455.1%, a decrease of 101.6 percentage points compared to the previous year.