Hyundai Heavy shipbuilding units cut number of executives by 31 pct
By: Reuters | Oct 16 2014 at 02:31 AM | Liner Shipping
South Korea’s Hyundai Heavy Industries Group said on Thursday that it cut the number of executives at its three shipbuilding units by 31 percent.
A total of 81 of 262 executives at Hyundai Heavy Industries , Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard faced the job reduction, the group said in a statement.
The move came after the group’s flagship shipbuilder Hyundai Heavy Industries suffered from a record quarterly operating loss in the second quarter.