Hyundai Marine & Fire nominates new leaders

By Lee Min-hyung

From left are President Cho Yong-il and Vice President Lee Sung-jae of Hyundai Marine & Fire Insurance. Courtesy of Hyundai Marine & Fire Insurance

Hyundai Marine & Fire Insurance nominated President Cho Yong-il and Vice President Lee Sung-jae as the firm's next co-CEOs, in a bid to seek a breakthrough amid an earnings decline stemming from worsening market conditions.

The two nominees are expected to replace incumbent CEO and Vice Chairman Lee Cheol-young if they receive approval at a regular shareholder meeting slated for March 20.

“We judged the two executives are qualified to lead the organization as CEOs, and they will take office after the meeting,” an official from the firm's CEO recommendation committee said.

In 2019, the Hyundai affiliate suffered a major earnings setback by reporting a drop of 30 percent in annual net profit from the previous year. The company was hit hardest by widening loss ratios in its car insurance business.

The company expects the dual leadership system to freshen up the corporate atmosphere and help stabilize the weakening profitability.

Cho served as president of the company since December. He has handled a wide range of insurance tasks, including sales and operation, since joining the company in 1988.

Lee has also spent his entire career at the company since 1986, taking up major posts _ such as heads of overseas business and corporate insurance. He was promoted to vice president in January, 2019.