Hanjin Shipping Co. (117930), South Korea’s largest container carrier, named Suk Tai Soo as its chief executive officer after his predecessor resigned taking responsibility for two successive years of losses.
Suk, 58, currently the CEO of logistics company Hanjin Transportation Co., will take over Dec. 1, the Seoul-based company said in an e-mailed statement today. The appointment is subject to shareholders’ approval in March.
Suk’s predecessor Kim Young Min resigned earlier this month as losses mounted and cash at hand dwindled at the shipping company. Hyundai Merchant Marine Co. and STX Pan Ocean Co. also face a cash crunch as South Korea’s three largest sea-cargo carriers need to pay 3 trillion won ($2.8 billion) of bonds in the next two years.
Hanjin Shipping, whose shares have slumped 49 percent this year, received a loan from affiliate Korean Air Lines Co. last month to ease a “temporary” liquidity shortage.
Suk joined Korean Air in 1984 and served as the head of business strategy and chief director of North America headquarters, according to the statement.
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