Port of Long Beach chief executive Jon Slangerup announced his resignation Thursday, just as the global shipping industry is in turmoil following the bankruptcy of the world’s seventh-largest cargo carrier.

According to a news release from the port, Slangerup is leaving to become chairman and chief executive of “a leading aviation technology company.” He will leave his position at the country’s second-largest port Oct. 28 and take up his new post Oct. 31, the news release says.

The announcement comes on the heels of Hanjin Shipping Co. filing for court receivership in South Korean court, a reflection of the financial struggle most carriers have faced following the recession because of low demand and prices.

With Hanjin’s vessels unable to pay docking fees and unload their cargo or pick up new containers, the global goods movement has struggled to meet the demand of shippers heading into the peak holiday shopping season.

Hanjin is a key cargo carrier at the Port of Long Beach and has a majority ownership in its largest terminal, which handles one-third of the port’s traffic.

Slangerup joined the port in June 2014 just as an even greater challenge was on the horizon. A contract dispute with dockworkers led to a labor slowdown that lasted months, causing historic congestion at West Coast ports.

In addition to helping the port return to business as usual after the labor dispute was resolved in early 2015, Slangerup has overseen progress on the port’s $4 billion, 10-year capital improvement plan, which includes the replacement of the Gerald Desmond Bridge and the development of the Middle Harbor terminal.

“Jon has brought tremendous leadership, creativity, and executive experience to the Port,” Board of Harbor Commissioners President Lori Ann Guzmán said in a statement. “His innovative vision and ability to lead in times of change and growth have made a marked difference in the history of our beloved Port. I and my fellow commissioners wish Jon continued success in his new role.”