Hanjin CEO quits after debt-laden firm suffers losses
Line battling global overcapacity and slump in cargo rates
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[SINGAPORE] Hanjin Shipping Co's chief executive officer Kim Young Min resigned, taking responsibility for two successive years of losses at South Korea's largest shipping group and a delay in getting financial support from creditors.
Mr Kim, 58, will stay until a replacement is found, the Seoul-based company said in a statement yesterday. Mr Kim was appointed as CEO in January 2009 after 20 years with Citigroup Inc, and his term was to end in March 2015.
Shares of the container-to-commodity mover, which last month received a loan from affiliate Korean Air Lines Co to ease a "temporary" liquidity shortage, fell for a fifth straight day in Seoul.
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