By Kim Yoo-chul
Staff Reporter
Hyundai Heavy Industries has named vice presidents Oh Byun-wook and Lee Jae-sung as new joint-CEOs, replacing Choi Kil-seon.
Under the personnel shakeup, the plant- and offshore-related expert Oh and the financial specialist Lee will jointly lead the world's biggest shipbuilder, a company spokesman said Thursday.
``Taking full responsibility for recent dismal performances, CEO Choi has voluntarily stepped down. We hope the shakeup will add fresh momentum to effectively overcome the current difficulties,'' the spokesman said.
Meanwhile, Choi Won-kil, vice president of Hyundai Heavy Industries, was appointed as the new CEO of its affiliate Hyundai Mipo, replacing Song Jae-byung.
The reshuffle came after the global shipbuilding industry entered what is expected to be a prolonged downturn.
The strengthening won against the greenback is also weighing on Hyundai's cash-balance.
New shipbuilding orders dropped 97 percent during the January-September period from a year earlier, but plant orders increased by around a third, according to Hyundai.
Analysts say chances are low that the shipbuilding sector will see a recovery before 2011. But it is expected that the plant and electric equipment sectors will help Hyundai save its bottom line.
``I don't think sluggish performances were the critical reason for the management change. By naming Oh as the new CEO, Hyundai plans to put more focus on offshore and plant units,'' the spokesman said.