Hyundai Mipo Dockyard (HMD) joined organizational changes and reforms to help tide over a financial crisis. HMD cut the number of executives by 33 percent on October 12, and Mr. Kang Hwan-goo, previous vice president of HMD, was promoted to CEO on October 13.

In addition, HMD streamlined their decision-making process by cutting six organization groups to four and 25 departments to 16. Also, HMD created an integrated shipbuilding sales unit in Seoul office by merging the sales functions of its two shipbuilding-related affiliates– Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard.