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HMM Could Get First Foreign CEO

first_imgzoom South Korean shipping company Hyundai Merchant Marine (HMM) might get its first foreign Chief Executive Officer (CEO) once the company officially becomes a subsidiary of the state-run Korea Development Bank (KDB) at the beginning of August, The Korea Times reports.KDB and the remaining creditors plan to appoint the new leadership at HMM on August 5, once the Hyundai Group officially hands over the carrier to the new owners.The creditors have already appointed several executive search firms to find a new CEO for HMM, and they are not limiting the search to South Korea.KDB Chairman Lee Dong-geol said that the number one criterion for the appointment of the new CEO will be performance, adding that the new head could be a person which previously had no connections to HMM.The statement has led to speculations that HMM might get its new CEO from Maersk’s or Mediterannean Shipping Company’s executive ranks. HMM last week signed a Memorandum of Understanding to join Maersk and MSC in the 2M vessel-sharing alliance.The company signed the MOU following agreements with bond-holders to adjust debt and shipowners to adjust charter-hire.HMM thus completed all conditions set out in the voluntary agreement with creditors from March 2016. As part of the takeover, the creditors will convert their bonds into equity and thus keep the company afloat until a normalization plan for the company is made.World Maritime News Stafflast_img read more

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Mark Prisk speech at SMMT International Automotive Summit – 28 June 2011

The following is an extract from Business Minister Mark Prisk’s keynote speech at the SMMT International Automotive Summit in London on 28 June 2011. Click through to download the full speech.“Ours is a dynamic, innovative, cutting edge industry. We have a strong track record of research and development investment in the auto industry. It is running at over £1.5 billion a year – and the fact that it rose by 9% during the recession is a sign of the UK’s commitment to sustained investment. We also have world renowned development facilities at Millbrook and MIRA.“This technological know-how will be essential as we establish ourselves as a key player in the burgeoning global market for ultra low carbon vehicles.”Minister of State for Business and Enterprise, Mark Prisk MPClick through to download the full speech.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) read more

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