DSME execs tender their resignations

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DSME execs tender their resignations

Published: 17 Aug. 2015, 21:04

Daewoo Shipbuilding and Marine Engineering said 13 executives and advisers have offered to resign, as the world’s second-largest shipbuilder restructures after posting its biggest quarterly loss.

The resignations won’t impact the company’s seven-member board, the company said in an e-mailed statement.

Daewoo Shipbuilding will sell non-core subsidiaries and assets to focus on improving competitiveness after it reported a 2.4 trillion-won ($2 billion) loss in the second quarter. Its key creditor and biggest shareholder, Korea Development Bank, is reevaluating the shipbuilder.

The world’s three biggest shipbuilders - the others are Korea’s Hyundai Heavy Industries and Samsung Heavy Industries - posted combined losses of 4.8 trillion won in the second quarter. Bloomberg