New CEO Takes Control of Samsung Heavy Industries

A new Chief Executive Officer (CEO) has taken the reins at the financially-troubled South Korean shipbuilder Samsung Heavy Industries (SHI).

Joonou Nam has been appointed CEO on the back of Park Dae-young’s resignation, the company confirmed in a regulatory filing on Monday. Park Dae-young resigned from his post in order to take responsibility for the recent business slump of the yard.

The management change comes on the heels of a major tumble of shares from last week when the shipbuilder announced another year of operating losses.

Namely, the value of the shipbuilder’s shares plunged by around 30 percent on Korea Exchange on December 7, hitting the lowest point in a year. The shares continued to plunge this week as well.

In an effort to bolster its financial structure, the company has also announced that it plans to launch a KRW 1.5 trillion (USD 1.36 billion) rights offering by May 2018.

World Maritime News Staff