HMM has nominated Kyung-bae Kim as its next chief executive.
Kim, who was chief executive of Hyundai Glovis for nine years, will replace Jae-hoon Bae, who has held the top spot at HMM since March 2019.
HMM said Kim was one of multiple candidates who were considered for the job. His appointment will be confirmed at a shareholders meeting on 29 March.
The South Korean company did not disclose why current chief executive Bae, who had initially been appointed for a two-year term, is leaving.
Bae’s initial term was extended by a further year after HMM achieved record earnings amid Covid-19-related logistics bottlenecks.
HMM’s announcement touted Kim as being a veteran with broad experiences and capabilities at the executive level.
“Mr Kim is regarded as a logistics expert who had led the steady growth of Hyundai Glovis...” it said.
Prior to joining Hyundai Glovis, Kim held executive roles at Hyundai Motors in South Korea and the US.
HMM said he is expected to play a significant role in laying a foundation for the sustainable growth of the company and expand its presence in the global market.
HMM is ranked eighth in Alphaliner’s list of top 100 liner players with a 3.2% market share. Its container ship fleet has an estimated capacity of 818,328 teu.
The company also maintains smaller presences in the dry bulk, tanker and LNG trades.
