But The Wall Street Journal is reporting the CEO had been under pressure for months to step down.
South Korean liner carrier Hyundai Merchant Marine said in an email to American Shipper that CEO C.K. Yoo made “his own decision” to resign.
Yoo announced his resignation in a “farewell message” distributed internally to the staff on Thursday.
But The Wall Street Journal reported Friday that Yoo “offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround.”
HMM public relations assistant manager Hojoon Lee said in the email to American Shipper, “Despite his resignation, of course HMM will keep its firm stance to go forward for the future, as we have achieved so far. At this moment, his replacement is not decided yet, as well as no information is shared at our end.”
Lee did provide a copy of Yoo’s resignation letter, in which he said he would step down at the upcoming shareholders meeting at the end of March.
Yoo had been credited with helping to navigate HMM through a difficult period and last April was given a three-year contract extension. He referenced that difficult period in his message to the staff.
“I want to convey my sincere gratitude to all members of HMM who have been sweating together for the reconstruction of HMM from the disarray for the last two and a half years,” Yoo said.
“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,” the letter continued.
Yoo said HMM has entered a new era, one that requires new leadership.
“I sincerely do hope that under the new leadership all of you will closely work together and write a new history of HMM in the years to come by winning ‘the war on loss,’” he said.
Yoo has led HMM since late 2016, after a two-year hiatus away from the carrier in 2014-15. He first joined HMM in 1986.
Yoo announced his resignation in a “farewell message” distributed internally to the staff on Thursday.
But The Wall Street Journal reported Friday that Yoo “offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround.”
HMM public relations assistant manager Hojoon Lee said in the email to American Shipper, “Despite his resignation, of course HMM will keep its firm stance to go forward for the future, as we have achieved so far. At this moment, his replacement is not decided yet, as well as no information is shared at our end.”
Lee did provide a copy of Yoo’s resignation letter, in which he said he would step down at the upcoming shareholders meeting at the end of March.
Yoo had been credited with helping to navigate HMM through a difficult period and last April was given a three-year contract extension. He referenced that difficult period in his message to the staff.
“I want to convey my sincere gratitude to all members of HMM who have been sweating together for the reconstruction of HMM from the disarray for the last two and a half years,” Yoo said.
“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,” the letter continued.
Yoo said HMM has entered a new era, one that requires new leadership.
“I sincerely do hope that under the new leadership all of you will closely work together and write a new history of HMM in the years to come by winning ‘the war on loss,’” he said.
Yoo has led HMM since late 2016, after a two-year hiatus away from the carrier in 2014-15. He first joined HMM in 1986.
