The change at the top follows the shipbuilder’s announcement of its forecast of yet another operating loss for this year.

On Monday, in a strategic move Samsung Heavy Industries appointed Joonou Nam as its new chief executive officer after Park Dae-young resigned taking the responsibility for the company’s losses.

The shares of the shipbuilder trod on a downward slope last week after the firm announced a forecast of an operating loss, a fourth in straight years, and also announced a rights issue.

Nam previously oversaw Samsung Heavy’s shipyard in Geoje, South Korea.

Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

Tags: appointment, CEO, HR, human resources, operating loss, rights issue, Samsung, Samsung Heavy Industries