[THE INVESTOR] Embattled
Samsung Heavy Industries came out with a heavy-duty restructuring plan that involves drastic measures including cutting up to 1500 payrolls by the end of this year.
Eventually, the firm plans to reduce the workforce by up to 40 percent over the next three years.
Samsung executives also agreed to pay cuts starting in July until the company returns to normal.
“As CEO, I will forgo my entire salary until a business turnaround,” said Park Dae-young, head of Samsung Heavy.
Park delivered these and other restructuring guidelines through an internal broadcast on June 15.
Samsung Heavy is estimated to be ladled with around 14.38 trillion ($12.24 billion) worth of debt.
(
theinvestor@heraldcorp.com)