Chang, Chul-soon appointed new president of HMM

The vice president of HMM, Chang, Chul-soon was recently appointed the new president of Hyundai Merchant Marine.

HMM held an emergency board of directors meeting on November 8 and decided to have an emergency general meeting for stockholders, appointing vice president, Chang, Chul-soon as the new president.

Mr. Chang will be officially appointed as the new president in the board of directors meeting after being elected through the emergency general meeting of stockholders on December 20. The Korea Development bank, HMM's main creditor bank, has accepted Mr. Chang's appointment.

Mr. Chang, born in 1946, graduated from Yonsei University in 1972. He entered HMM in 1977, already thoroughly knowledgeable and experienced in shipping and maritime affairs.

Mr. Chang said, "I didn't expect to be appointed. I thought someone else would have been the more likely choice.” He also declared that he would handle HMM concentrating on its own businesses and foster it toward profit-concentrated management.

HMM has been under emergency management operation for a month putting Kim Sok-joong vice president of HMM and Choi, Yong-mook, president of Hyundai Elevators in central roles after ex-president Kim Chung-shik's resignation.