CYL reshuffles group setups

Choyang Line reorganized group setups while the inspection for court protection is underway.

It discharged 19 members of the board of directors as of June 23, and hired 5 new directors, three under contract and two for on a consulting basis.

Directors appointed under contract include Paek Nam-ho, Lee Tae-soo, and Lee Jae-han. Lim Pyoung-ya and Choi Chang-won will be non-regular directors.

The company will be restructured in 14 teams and 6 branches (1 domestic branch and 5 abroad) from 23 teams and 5 branches, maximizing its efficiency and operating structure.

This re-shuffling is part of earlier regeneration attempts under the strong leadership of its top management.

Meanwhile, Bae, Soon, legal representative for CYL visited Seoul Bank, a main creditor bank and asked for help in reviving CYL.