Daewoo Shipbuilding and Marine Engineering has decided to promote senior executive vice president Ko Jae-ho to its new chief executive.

The decision was made when the firm’s CEO candidate recommendation committee on Friday picked Ko out of five candidates.

The committee consists of three outside directors of DSME, two people from DSME’s major shareholder Korea Development Bank and one from Korea Assset Management Corp.

Ko’s nomination will be finalized at the shareholder meeting late next month after a meeting of the board directors.

Ko’s predecessor is Nam Sang-tae, who served two consecutive terms.

Ko graduated from Korea University, entered DSME in 1980 and served as executive of ship sales, human resources and head of the ship business division.

(sophie@heraldcorp.com)