Daewoo Shipbuilding's board OKs current CEO staying on for 3 more years

SEOUL, April 20 (Yonhap) -- The board of Daewoo Shipbuilding & Marine Engineering Co. decided Friday to keep the company's current head in post for three more years, a company official said.

Jung Sung-leep is set to be formally appointed the company's CEO in a shareholder meeting on May 29, the official said.

The decision came days after an independent committee overseeing Daewoo Shipbuilding recommended that Jung lead the shipbuilder for the next three years.

The eight-member committee is tasked with overseeing the implementation of Daewoo Shipbuilding's self-rescue measures.

Jung has been credited with turning the shipbuilder around through massive restructuring efforts.

Daewoo Shipbuilding shifted to an operating profit of 733 billion won in 2017, its first annual operating profit since 2011.

South Korea's state-run Korea Development Bank holds a 55.7 percent stake in Daewoo Shipbuilding.

entropy@yna.co.kr
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