KDB seeks to rein in role of STX chief

Kang Duk-soo
“We judged that an outside expert with expertise and the will to initiate things should be recommended as new chief executive to normalize STX Offshore & Shipbuilding at an early stage,” KDB said in a statement.
In April, STX Offshore & Shipbuilding, the world’s fourth-largest shipbuilder, sought a voluntary corporate restructuring agreement with KDB, the Export-Import Bank of Korea and other creditors after STX Group failed to secure financing to repay maturing debts.
KDB said earlier that among STX Group affiliates, STX Offshore & Shipbuilding would be salvaged because of its big impact the country’s economy and employment.
KDB said creditors will meet this week to name a chief executive prior to creating a new management team after a board of directors meeting Monday and a shareholders’ meeting on Sept. 27.
Kang has said he would “not raise any objections to creditors’ decisions in regard to management reform.”
BY LEE EUN-JOO [angie@joongang.co.kr]
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with the Korea JoongAng Daily
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