Kristian Siem: bankruptcy should lead to management reshuffles
The US Chapter 11 bankruptcy protection legislation contains far too many weaknesses, says shipping investor Kristian Siem. The CEO responsible for the bankruptcy often remains in the post, though according to Siem this person should be dismissed, he says to ShippingWatch.
The crisis in the offshore industry has been aggravated by poor judgment at various companies, and sometimes of stubborness and a lack of flexibility among the vulnerable companies and their top executives, says Norwegian industry leader Kristian Siem, a major shareholder in offshore carriers Siem Offshore and Subsea 7.
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