Leading Korea Shipyard Appoints New Chairman

Hyundai Heavy Industries (HHI) has promoted Lee Jae-sung, from CEO to chairman, the position having become vacant when former chairman Min Kye-shik left the shipbuilder in December 2011, reports 'The Korea Times'.

This is part of a management reshuffle designed to defy concerns over corporate profitability amid the continued market downturn.

The Korea Times adds that President Kim Oe-hyun will be in charge of shipbuilding, marine and plant businesses, while Kim Jeong-rae, will move to take charge of the firm’s engine, electronics, green energy and construction equipment businesses, citing a company statement.

Source: 'The Korea Times'