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Loss making Samsung Heavy replaces CEO

Loss making Samsung Heavy replaces CEO
South Korea's Samsung Heavy Industries, one of the world's largest shipbuilders, has installed Joonou Nam as its new CEO after Park Dae-young resigned to take responsibility for the firm's losses and the billions wiped off its stock price in recent days.

The shipbuilder's shares plunged last week as it forecast a fourth straight year of operating losses and announced a rights issue.

Samsung Heavy's negative outlook has also seen the share prices of its peers, Hyundai Heavy and Daewoo Shipbuilding, heavily impacted in recent days.

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