The meeting took place at Park One Tower in Yeouido, Seoul, where the board voted to amend the company's articles of incorporation to reflect the new headquarters location in Busan.
Choi Won-hyuk, HMM's CEO, stated, "As a leading national shipping company, we are committed to contributing to balanced national development and achieving continuous growth." He acknowledged the current uncertainties in the domestic and international shipping environment, exacerbated by ongoing conflicts in the Middle East, which have led to rising costs and declining performance for HMM.
Despite these challenges, Choi emphasized the company's commitment to overcoming the crisis through detailed strategies and enhancing shareholder value while strengthening its global investment capabilities.
The meeting, which began at 9 a.m., concluded in under an hour as the proposed amendment was swiftly approved. The change in headquarters is effective immediately.
After the meeting, HMM officials indicated that the relocation to Busan would proceed gradually and based on labor-management agreements, ruling out forced relocations without employee consent.
Initially, some functions, including the CEO's office, will be moved, with further discussions on the scope and timing of organizational transitions to follow.
HMM's labor and management reached a dramatic agreement on the headquarters relocation on April 30. However, concerns remain among employees regarding working conditions, housing, education, and the extent of key organizational moves.
Industry insiders predict that further negotiations between labor and management will be necessary during the relocation process. One shipping industry representative noted, "While the amendment is complete, the actual relocation process is just beginning. Balancing employee acceptance and management efficiency will be crucial moving forward."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.