SHI Shrinks Executive Team, Reshuffles Divisions

South Korean shipbuilder Samsung Heavy Industries has dismissed 30 percent of its executives ahead of a further decline in shipbuilding contracts, according to Korea Herald.

Namely, following management changes undertaken last week, the company is left with a total of 50 board members, down from 72.

Additionally, SHI reorganized its business divisions, shrinking the number from 89 to 67 departments.

Furthermore, Samsung Heavy Industries opted to increase its capital by KRW 1.5 trillion (USD 1.4 million) to strengthen its structure.

The move was made in an effort to soften the impact of a continued drop in orders expected during the year. Samsung Heavy Industries’ CEO Nam Jun-wu informed that the company is looking to stabilize incoming orders, increase cost competitiveness and achieve recapitalization in 2018.

Earlier reports suggested that SHI aims to increase its orderbook in 2018, as it allegedly set a goal of USD 7.7 billion worth of orders, having collected USD 6.9 billion worth of orders in 2017.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >