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TWO KOREAN COMPANY PRESIDENTS QUIT, CITING PRESSURE FROM NATIONAL BANK

Monday, February 25, 2019 

Hyundai Merchant Marine (HMM) president Yoo Chang-keun and Daewoo Shipbuilding & Marine Engineering (DSME) president Chung Sung-rip have both signalled their intended resignations, blaming pressure from Korea Development Bank, which is said to own 13.13% of HMM and 55.7% of DSME, making it the largest shareholder in both companies.

South Korean media reports say that Chung Sung-rip had given  notice of his intended resignation last week, while Yoo Chang-keun (pictured) said on 24 February that he will step down in advance of the shareholder meeting scheduled for March 2019. Both presidents have more than two years remaining in their tenure.

Local reports say that KDB governor  Lee Dong-geol has publicly criticised the HMM president over his alleged lax management, and sent a former KDB executive to HMM. The DSME president was unhappy about his company's apparent exclusion from negotiations between KDB and Hyundai Heavy Industries (HHI) concerning his company's future. The Korean business media expects an HHI executive to take charge of DSME after the acquisition by HHI.

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