[THE INVESTOR] Creditors of Hyundai Merchant Marine have tapped Incheon Port Authority CEO Yoo Chang-keun to head the debt-ridden shipper that is under a creditor-led restructuring program.

The nomination committee, comprising executives from the Korea Development Bank –- the shipper’s largest shareholder -- and other creditors, picked Yoo out of three candidates on Sept. 2.

Yoo’s nomination will be finalized at the shareholders meeting on Sept. 20 after a meeting of the board of directors on Sept. 5. 

“CEO nominee Yoo Chang-keun is an expert in the container shipping sector, equipped with in-depth understanding of the shipping industry and global network,” the committee said. “We expect he will play a considerable role in strengthening HMM’s global competitiveness and normalize management, given Incheon Port Authority’s improved performance during his tenure.”

Yoo, 64, joined HMM in 1986 and held a variety of key positions until 2008. Between 2008 and 2010, he served as the president of Haeyoung Maritime Services, a subsidiary of HMM, before returning to HMM as president in 2012. In 2014, he was appointed as the Incheon Port Authority CEO.

By Ahn Sung-mi (sahn@heraldcorp.com)