STX chairman to leave as shipbuilding CEO
According to Korea Development Bank, the main creditor of STX Offshore and Shipbuilding, the shipbuilder’s board of directors met yesterday and approved the creditors’ plan to appoint Park Dong-hyuk, vice president at Daewoo Shipbuilding and Marine Engineering, as head of STX Offshore and Shipbuilding.
Official approval will come at a shareholders’ meeting scheduled for Sept. 27.
Kang is known to have said yesterday it was inevitable he would accept the creditors’ request as he should “take responsibility over business [hardships].”
Last week, KDB and other creditors of STX Offshore and Shipbuilding, the world’s fourth-largest shipbuilder, requested that Kang step down from his chief executive post, saying that a new management system should be established to normalize business conditions.
In April the shipbuilder sought a voluntary corporate restructuring agreement with creditors after its mother company, STX Group, failed to secure financing to repay maturing debts.
BY LEE EUN-JOO [email@example.com]