South Korea’s Samsung Heavy Industries, one of the world’s largest shipbuilders, has installed Joonou Nam as its new CEO after Park Dae-young resigned to take responsibility for the firm’s losses and the billions wiped off its stock price in recent days.
The shipbuilder’s shares plunged last week as it forecast a fourth straight year of operating losses and announced a rights issue.
Samsung Heavy’s negative outlook has also seen the share prices of its peers, Hyundai Heavy and Daewoo Shipbuilding, heavily impacted in recent days.
