Upon earning his business degree from the University of Southern California in 1979, the late Chairman Mr. Sooho Cho joined Korean Air where he served as Executive Director in charge of Korean Air's US operation and as Executive Vice President of Sales & Marketing Division.

Mr. Cho brought his skillful leadership to Hanjin Shipping when he joined the company in 1985 as Senior Vice President. He finally rose to top management as he took his post as President & CEO in 1994 and then as Chairman & CEO in 2003.

After becoming President, Mr. Cho has led Hanjin Shipping to join the ranks of global carriers. Under his innovative leadership, the company reshuffled its organizations, enlarged its fleets, reinforced logistics business by acquiring dedicated terminals at home and abroad, branched out into LNG transportation business, diversified bulk business, and introduced the state-of-the-art IT system.

As manager, Mr. Cho is said to have put "public interests" first in making difficult decisions, focusing more on long-term growth than on short-term gains. Believing in "Serving the Country by Transportation," just as his late farther did, Mr. Cho viewed transportation such as shipping as a backbone industry that needs to be constantly nurtured with patience for the benefit of the national economy even with no personal gains.

Mr. Cho's love for the ocean and maritime transportation was not limited to business management. He gave full support to inspire younger generations to pursue the dream for the ocean while serving as President of Korea Youth Sea Explorers Association from 1994 to 2001. As the President, Mr. Cho took time out of his busy schedule to participate in all events, determined to fulfill the Association's objective: To inspire young boys and girls to develop a straight view of the nation by fostering the enterprising ocean spirit.

He also served as Chairman of Korea Shipowners Association from February 1997 to early 2000. As the Chairman, Mr. Cho strived to sharpen the competitiveness of Korean carriers by improving shipping-related financial and tax systems, introducing international vessel registry, and laying the foundation for the co-existence and co-prosperity of large and small/mid-sized carriers. His passion turned into action for shipping was recognized in 1996 when the Korean Government awarded him "Gold Tower Order of Industrial Service Merit" for 'his contribution to the nation's better competitiveness and economic growth.'

Mr. Cho was a man of a broad network and great personality whose presence was widely felt across the global shipping community.

He made significant contribution to the stabilization and advancement of the global shipping industry by serving in a variety of positions: the first Korean Director of the world's largest private maritime

organization BIMCO (Baltic International Maritime Council) in 1993; Vice President of BIMCO in 1999; an active member of Box Club of CEOs of container lines worldwide from 1993; the 4th Chairman of TSA (Transpacific Stabilization Agreement), the council of shipping companies operating in the world's largest trans-Pacific trade, from 1995 to 1997; and Director of WSC (World Shipping Council) from 2000 to 2005.

Recognizing his accomplishments and contribution to the world's ocean transportation business, the Hamburg Chamber of Commerce, Germany awarded Mr. Cho the Honorary Medal of Gold in 2004. The fact that there have been only 35 recipients of this prestigious medal since its establishment in 1853 is an example that shows his excellent leadership and personality highly appraised by the global community.

Mr. Cho was a businessman with deep expertise in the global shipping industry who stressed 'change and innovation,' 'trust management' based on professionalism, and 'service that touches the customer.' He also practiced open management and transparent management.
While emphasizing strict professionalism and a sense of responsibility in business, Mr. Cho always
respected his subordinates and averted authoritarianism. With a generous smile on his face at all times, he was praised by many as a humane, great, and reasonable businessman. Even though Mr. Cho has left us, his gentle sprit and noble business philosophy will be always with us.