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STX Pan Ocean board clear out

STX Pan Ocean board clear out
All four members of the STX Pan Ocean (STX PO) board have left the company, including its ceo.

Chun Il Yu, ceo and executive director, and three independent directors Dong Moo Choi, Yun Jae Baek and Joon Woo Han will be replaced after discussions with creditors and court approval of any nominations.

The board sweep comes after STX PO's debt-to-equity rescue deal was approved last week, and not six months after the outgoing ceo took his post on 5 June 2013