STX chairman to leave as shipbuilding CEO

Kang Duk-soo
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 [angie@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)