December 11, 2017 / 1:22 AM / 2 years ago

Samsung Heavy names new CEO after forecasting losses

SEOUL (Reuters) - South Korea’s Samsung Heavy Industries (010140.KS) named Joonou Nam as its new chief executive officer on Monday after Park Dae-young resigned to take responsibility for the firm’s losses.

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

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

Reporting by Hyunjoo Jin and Joyce Lee; Editing by Stephen Coates

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