Hyundai Merchant Marine has appointed Jae-hoon Bae as its new president and CEO.

According to HMM, his appointment was approved by the company’s board of directors following the 43rd annual shareholder meeting. He replaces Chang-keun Yoo.

Bae was selected by a CEO recommendation committee led by Korea Development Bank, following a comprehensive candidate examination.

“Mr. Bae, an expert in logistics who successfully served as CEO of Pantos Logistics for six years, is favoured because of his broad understanding and capabilities in terms of sales negotiation, global management and organizational management,” an HMM official said,.” “Mr. Bae is expected to focus on a customer’s view on handling HMM’s current issues in order to lead managerial innovation, strengthen its sales competitiveness. And all of HMM’s employees will do their best to lay a foundation to take a leap forward to become a global top-rated carrier.”

Prior to Pantos Logistics, Bae served as vice president of overseas marketing at LG Electronics Mobile Communications from 2004. He was previously president of LG Semicon America Inc. in 1997 and marketing director of LG Semicon in 1990, according to HMM.