Harland & Wolff CEO Steps Down Amid Financial Struggles

The CEO of Belfast-based shipbuilder Harland & Wolff, which constructed the Titanic, has stepped aside as the company faces financial struggles and failed to secure a loan guarantee from the UK government. The firm is in urgent discussions with its main lender to obtain alternative debt facilities for working capital needs. Despite efforts to secure funding, the CEO's departure was reportedly a condition for a new loan. The company, employing over 1,500 people, is engaging in talks with stakeholders and financial advisors to explore long-term options for sustainability amidst intense competition in the shipbuilding industry. Harland & Wolff's future remains uncertain as it navigates challenges to secure necessary funding and contracts to fulfill its commitments, including a significant Navy contract.