HMM Management Recommendation Committee Meeting Held on the 5th... Discussion on Reappointment of President Bae Jae-hoon

Participation of the Largest Shareholder, Korea Development Bank

[Asia Economy Reporter Park Sun-mi] The 'HMM Executive Recommendation Committee,' which will decide the successor to HMM (formerly Hyundai Merchant Marine) CEO Bae Jae-hoon, whose term expires at the end of this month, will be held on the 5th with the participation of a representative from the largest shareholder, the Korea Development Bank.

On the 4th, the Korea Development Bank stated, "The HMM Executive Recommendation Committee will be held on the 5th in the form of a written resolution," adding, "The committee consists of four members: the largest shareholder Korea Development Bank, Korea Ocean Business Corporation (KOBC), the joint fund management director dispatched by both KDB and KOBC, and representatives from the due diligence firm." The committee is expected to approve the agenda regarding the next HMM CEO. CEO Bae's term ends on the 27th of this month.

Although there is a possibility that a new person will be recommended by the HMM Executive Recommendation Committee, the industry views the likelihood of reappointment as high, recognizing CEO Bae's significant contribution to HMM's turnaround from deficits to profitability. Previously, CEO Bae was recommended as CEO in March 2019 by the 'Hyundai Merchant Marine Executive Recommendation Committee,' which included participation from the Korea Development Bank. Under CEO Bae's leadership, HMM achieved record-high performance last year.

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