SEOUL—The head of South Korea’s ailing container operator, Hyundai Merchant Marine Co., has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround. Yoo Chang-keun, president and chief executive officer at HMM, in an email sent to employees Wednesday, said he would stand down at...
Yoo Chang-Keun, CEO of troubled South Korean shipping company Hyundai Merchant Marine (HMM), has confirmed he will resign in March, two years before his scheduled 2021 departure. Since 2015, HMM has received around $2.5bn in state aid from the Korea Development Bank and has been propped up by the government since the 2016 collapse of Hanjin Shipping. The announcement comes as a surprise to many observers, who had expected him to stay on until at least 2020.