DSME CEO set to stay for another three years

Jung Sung-leep

APRIL 19, 2018 — Korea’s Yonhap news agency reports that an independent committee overseeing Daewoo Shipbuilding & Marine Engineering Co (DSME). has recommended that the shipbuilder’s current CEO, Jung Sung-leep, lead the company for the next three years.

The eight-member committee is tasked with overseeing the implementation of Daewoo Shipbuilding’s self-rescue measures and made its recommendation to the shipbuilder’s main creditor, the state-owned Korea Development Bank.

Daewoo Shipbuilding is set to hold a board meeting Friday where the company’s board of directors is expected to endorse Jung’s reappointment as CEO, says Yonhap. His reappointment is subject to approval in a shareholder meeting set for May 29.

Jung Sung-leep, has been credited with turning the shipbuilder around by massive restructuring efforts. DSME shifted to an operating profit of 733 billion won in 2017 from a loss of 1.53 trillion won a year earlier— its first yearly operating profit since 2011.