Conflict deepens as HMM reshuffles board amid relocation push

Tensions are escalating between HMM’s labor union and management after the shipping company succeeded Thursday in reshuffling its board, a move seen as a preliminary step to relocate its headquarters from Seoul to Busan. At a regular general shareholders’ meeting, HMM secured approval to appoint Ahn Yang-soo, former CEO of KDB Life Insurance, and Park Hee-jin, a professor at Pusan National University, as new outside directors. With the approval, HMM’s board now consists of two executive directors and three nonexecutive directors, reducing the total number of members from six to five. One shareholder at the meeting raised concerns about Ahn’s past role as a senior executive at the state-run Korea Development Bank (KDB) and Park’s ties to the southeastern port city. “KDB, once a creditor of HMM, is now its largest shareholder, so the new board member from the bank will likely act as a rubber stamp,” the shareholder said. “Given Park’s background as a scholar based in that region, it will be hard for her to stay neutral on the relocation issue.” Speaking at the meeting as

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