Hyundai Merchant Marine CEO resigns

Hyundai Merchant Marine CEO resigns Noh Jeong-ik, chief executive officer of South Korean container line Hyundai Merchant Marine (HMM) has resigned, according to The Korea Times.
   Company officials gave no reason for 53-year-old Noh’s exit aside from his desire to “take a break,” according to the newspaper report.
   The HMM boss’ contract was due to expire in 2009. Under Noh, the company’s shares peaked at 39,650 won ($42.30), compared with around 10,000 won in September 2002, when he became CEO.
   The Korea Times cited local media reports that Hyun Jeong-eun, chair of the carrier’s parent Hyundai Group, is looking to increase her influence on the group’s affiliates, and that the HMM board will pick a new CEO on Monday.
   HMM is Korea’s second-largest container shipping line behind Hanjin Shipping and 18th in the world, according to AXS-Alphaliner. HMM has an operating fleet capacity of about 190,000 TEUs and a similar amount on order.