The board of Hyundai Merchant Marine, South Korea's second-largest container line, Monday selected Kim Seong-man to take over from Noh Jeong-ik as chief executive officer.
Kim, 61, is a former vice chairman of Hankuk Glass Industries Co., Korea's largest glass manufacturer. His appointment at HMM is subject to shareholder approval in March.
"I will make my utmost efforts to help Hyundai Merchant become one of the world's leading companies," Kim said in a statement.
HMM announced Noh's exit on Friday without explanation. He had been CEO since September 2002 and his current contract was due to expire in 2009. Local media reports suggest that Hyun Jeong-eun, chairwoman of the carrier's parent Hyundai Group, is looking to increase her influence on the group's affiliates.
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