HYUNDAI MERCHANT MARINE REVAMPS ITS TOP MANAGEMENT

HYUNDAI MERCHANT MARINE REVAMPS ITS TOP MANAGEMENT

   Hyundai Merchant Marine has laid off seven of its 16 top executives, only two weeks after announcing the appointment of a new president at the heavily-indebted Korean shipping group.

   Hyundai Merchant Marine said that the management revamp is a big reshuffle that forms part of the group’s restructuring.

   Noh Jeong-Ik, former vice president of Hyundai Capital Services, was named president of Hyundai Merchant Marine, succeeding Jang Cheol-Soon, president and chief executive officer, who has been appointed vice-chairman.

   The latest revamp will see senior division heads and regional heads lose their jobs. They include: S.H. Lee, senior executive vice president in charge of the group’s container shipping division; S.J. Kim, senior executive vice president in charge of the bulk shipping division; and K.S. Pahk, head of the North American region.

   Hyundai Merchant Marine has appointed J.H. Lee, former head of the European region, to manage the group’s container division, C.Y. Yoo as the new executive in charge of the European region, and Y.K. Kim to head the North American region.

   The management reshuffle will be seen as an attempt by Noh, the new president, to assert his authority and inject new ideas at Hyundai Merchant Marine. A spokesman at Hyundai Merchant Marine’s headquarters in Korea said that Noh, 49, wanted to bring in a younger generation of senior executives.

   Noh said recently that the company needs to complete its restructuring and generate profits. Hyundai Merchant Marine has recently sold its car-carrier division to a joint venture led by Wilh. Wilhelmsen ASA and Wallenius Lines AB to pay off debts.