Hanjin Shipping appoints new president and ceo

The South Korean shipping firm explained that Tai was recruited for his “outstanding performance” as ceo at Hanjin Transportation based on his years of expertise in logistics industry while serving as top management at Korean Air and Hanjin Transportation.

He will be officially appointed as Hanjin Shipping's president and ceo after the board meeting and shareholders' meeting in March 2014.

Tai majored in Economics at Seoul National University and received a Master's Degree in Business at MIT Sloan. He joined Korean Air at 1984, served as the head of business strategy office as well as chief director of the North America headquarters. Tai has been serving as ceo of Hanjin Transportation since March 2008.

The appointment of Tai followed the resignation on 11 November of Young Min Kim, the company's present president and ceo.

Hanjin Shipping said earlier that Young has resigned to take responsibility for the company's continuing losses and delay on financial support from major creditor banks.