Seoul: The power vacuum at the top of one of the world’s largest shipbuilders looks set to be filled with the return of a former boss. One of Daewoo Shipbuilding & Marine Engineering’s (DSME) main shareholders, Korea Development Bank (KDB), said yesterday it favoured appointing Jung Sung-Leep as the next ceo of DSME. Jung is currently president and ceo of STX Offshore & Shipbuilding. His past career includes a stint as ceo at DSME.
KDB observed, “Jung is the right man for strengthening Daewoo’s competitiveness as well as overcoming the recent crisis in shipbuilding industry on the basis of his broad knowledge of the industry and outstanding management ability.”
The current DSME boss, Ko Jae-ho whose three-year term ended on March 29, continues to remain in place as KDB has been unable to find his successor.
KDB has been trying to secure a new boss for the yard since December. Orders at DSME have sheered off with the executive inertia. The yard did not secure a single contract for the whole of March.