The new CEO of South Korean shipbuilder STX Offshore & Shipbuilding (O&S) has pledged to rehabilitate the company.
Lee Byung-mo, who has been elected as the new CEO after STX O&S’s former CEO Jung Sung-leep left to take up the reins at Daewoo Shipbuilding & Marine Engineering (DSME), gave his maiden speech at the shipbuilder’s extraordinary shareholders’ meeting, at which his appointment was announced.
STX O&S has been undergoing voluntary rehabilitation after suffering a cash crunch in 2013, at the same time former affiliate Pan Ocean went into receivership.
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Lee said he has strong confidence in the company’s rehabilitation adding, “DSME and Daehan Shipbuilding too, have had similar difficulties. But by having all employees staying united in strength, STX O&S has gained a reputation to be proud of.”
Lee presented four kinds of management policies to facilitate STX O&S’s recovery: a firm revenue and profit structure, innovation, developing talent, and gaining additional funds to repay creditors.
He said, “To overcome our current difficulties, we should establish a strong will and concrete action plan.”
The shipbuilder has clinched a slew of product tanker orders since late 2014 and appears to be working well towards its rehabilitation.
This post was sourced from IHS Maritime 360: View the original article here.
