STX Offshore & Shipbuilding Co. Chairman to Resign

Kang Duk-Soo file photo courtesy STX Group
Kang Duk-Soo file photo courtesy STX Group

South Korea’s STX Offshore & Shipbuilding Co. said Monday that Kang Duk-Soo will be stepping down from his post as Chairman of the struggling shipbuilder, Yonhap News has reported.

The news comes following reports last week that creditors at Korea Development Bank had urged Kang to resign over his mismanagement. Last month, Kang also resigned from his lead role at STX Pan Ocean, the country’s leading bulk carrier, the Yonhap report said. The report added that Kang Duk-Soo remains chairman of STX Group

Unconfirmed reports indicate that STX will tap Park Dong-Hyuk, a vice president at rival Daewoo Shipbuilding & Marine Engineering, to fill the role.