Loss making Samsung Heavy replaces CEO

Loss making Samsung Heavy replaces CEO

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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