Torstein Dale Sjøtveit has decided to resign from his position as President & CEO of STX Europe. His resignation follows the completion of a thorough transformation process in the STX Europe shipbuilding group. The Board of Directors regrets Sjøtveit's decision, and has decided to appoint Mr. Sang-Ho Shin as the succeeding CEO, effective as from today.

Mr. Sang-Ho Shin joined STX Europe in September 2008 as Chief Operating Officer (COO), where he demonstrated his managerial capability acquired by his extensive experience from the shipbuilding and machinery business. Prior to joining STX Europe, he served as the Vice President of STX Shipbuilding.
 
Torstein Dale Sjøtveit was asked to take up the position as President & CEO with the former Aker Yards ASA shipbuilding group in the spring of 2008. At the time, the group experienced an unclear ownership structure, financial losses in several projects and operational challenges.
 
Since Mr. Sjøtveit entered his position last summer, several major change processes have been completed. The company has implemented operational improvements and established a solid ownership structure, including getting the French government as investors and co-owners in the two shipyards in France. The company has become a fully integrated part of the STX Business Group, and has consequently delisted from the Oslo stock exchange and changed its name to STX Europe.
 
"The last year has been one of change management and improvements, after two years of great challenges with delays and cost overruns. During a time of general financial turmoil, we have brought a range of legacy projects under control. I have learned to know the STX Europe organisation as highly competent, innovative and change willing. I am proud of the results we now see from the contributions of highly dedicated team members throughout the organisation.
 
I have also experienced that the executives from the STX Business Group are very dedicated and resourceful people, and they know shipbuilding by experience and by heart. On this basis, I am confident that the STX Business Group's impressive growth story will continue with STX Europe. The company is well positioned for upcoming business opportunities. After completing the restructuring, STX Europe is ready for a new phase and I consider this to be the right time for me to move on", comments Torstein Dale Sjøtveit.
 
"Mr. Sjøtveit has been instrumental for the successful execution of the turn-around processes. He has brought valuable contributions to the Group in this transition period, improving the shipbuilding operations and integrating the business with STX", states the Chairman of STX Europe Mr. Kyung Jin Hong. 

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