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Korean yard giant replaces CEO after dismal result

Hyundai Heavy Industries has hired a new CEO following the worst result ever for the South Korean shipyard, according to the Korea Herald.

Photo: Erria

South Korean shipyard Hyundai Heavy Industries got a new CEO this week, Kwon Oh-gap, who joins the yard from oil refinery Hyundai Oilbank.

The CEO switch comes after the company published a dismal interim report with an operating deficit of USD 1 billion in the second quarter - the worst result in the history of the yard, according to the Korea Herald. The company has also been hit by a wage dispute between management and employees. The new appointment serves to indicate that the company's management wants to resolve the issue, said the yard.

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