HMM, New CEO Candidate President Kim Kyung-bae Finalized

Board resolution on the 14th... Final approval expected at the General Meeting and Board Meeting on the 29th
First cash dividend in 11 years... "600 KRW per share dividend, approximately 300 billion KRW scale"

[Asia Economy Reporter Yoo Hyun-seok] Former Hyundai Glovis CEO Kim Kyung-bae will take the helm of HMM.

HMM announced on the 14th that its board of directors has finalized the appointment of former Hyundai Glovis CEO Kim Kyung-bae as the new Chief Executive Officer (CEO). The management nomination committee conducted interviews with multiple candidates and finalized the new CEO candidate on the 9th of last month. On the same day, the board resolution officially recommended former Hyundai Glovis CEO Kim Kyung-bae as the new CEO.

In the process of selecting the new CEO, comprehensive consideration was given to leadership capable of driving HMM’s future growth and management innovation, global capabilities, and expertise. The process included reputation checks and interviews to ensure the optimal CEO appointment.

Kim, the newly appointed CEO, was born in 1964. He joined Hyundai Precision in 1990, worked at Hyundai Construction in 1992, and served as deputy chief of the secretariat to Honorary Chairman Chung Ju-yung of the Hyundai Group in 1998. In 2000, he served as CFO of Hyundai Motor America and Glovis America, followed by roles as head of planning and head of human resources and general affairs at Hyundai Mobis.

Later, in 2007, he served as secretary-general (executive director) and head of global strategy to Honorary Chairman Chung Mong-koo of Hyundai Motor Group. At the age of 45 in 2009, he was appointed CEO of Hyundai Glovis and led the company for eight years. In 2018, he became president of Hyundai Wia. Kim Kyung-bae is recognized as a logistics expert with global management capabilities and organizational management skills.

He is expected to contribute not only to the normalization of HMM’s management but also to its future growth and competitiveness enhancement. Based on his experience and know-how, he is regarded as the ideal person to play a major role in establishing HMM’s growth foundation and improving competitiveness in the global market.

HMM plans to officially commence management activities after appointing Kim Kyung-bae as an inside director at the upcoming regular shareholders’ meeting scheduled for the 29th, followed by board approval.

Alongside this, HMM will conduct its first dividend in 11 years. HMM decided on a cash dividend of 600 KRW per share on the same day and plans to finalize this through a resolution at the 46th regular shareholders’ meeting scheduled for the 29th of this month.

Last year, HMM recorded its highest-ever performance since its founding, with sales of 13.7941 trillion KRW, operating profit of 7.3775 trillion KRW, and net profit of 5.3371 trillion KRW.

HMM set its dividend rate at 2.2% (600 KRW per share), exceeding the average market dividend yield of 2.1% paid by the top 100 KOSPI-listed companies over the past three years. The dividend record date is December 31 of last year, and the total dividend amount is 293.4 billion KRW.

An HMM official stated, “As of the end of 2020, the accumulated deficit over the past 10 years was 4.4439 trillion KRW, but with last year’s record-high performance, this has been fully offset, making dividends possible. We will continue to make every effort to implement active shareholder return policies, including measures to enhance shareholder value.”

This content was produced with the assistance of AI translation services.