Hanjin Shipping has appointed Tai Soo Suk as its new president and CEO, who takes over from Young Min Kim.
Young left the post recently in the wake of continued losses for South Korea’s largest shipping line.
Tai, who has been the CEO of Hanjin Transportation since March 2008, will assume his post December 1, but will be formally named after the board meeting in March 2014.
He joined Hanjin group subsidiary Korean Air in 1984 as head of the business strategy office and chief director of the North America headquarters.
Tai majored in economics at Seoul National University in South Korea, and received an MBA from the Sloan School of Management at the Massachusetts Institute of Technology in the United States.
Young had been the president and CEO of Hanjin Shipping since January 2009 and stepped down recently, saying he was taking responsibility for the unremitting losses of the company.
Debt-ridden Hanjin Shipping reportedly recorded a loss in each of the past 10 quarters.