Daewoo E&C Taps Lee Kang-seok as New CEO After Kim Bo-hyun's Resignation

Daewoo Engineering & Construction is set to undergo a leadership change with the planned appointment of Lee Kang-seok as its new chief executive officer. This move follows the unexpected resignation of the current CEO, Kim Bo-hyun, who voluntarily stepped down before the end of his term.

Kim Bo-hyun cited the successful normalization of the company's management and the recovery of its profitability as reasons for his departure. Daewoo E&C stated that with the foundation for management normalization in place, a new leadership is needed to spearhead the company's push for large-scale project wins and future growth initiatives in the latter half of the year.

During Kim's tenure, the company focused on crisis management and profitability-centered internal strengthening, enhancing its financial soundness. He implemented a management approach that proactively addressed potential risks, leading to a turnaround in performance. Both the first and second quarters of this year saw financial results exceeding market expectations.

The company intends to expedite organizational restructuring and subsequent personnel appointments following the end of its emergency management system. This swift transition aims to minimize any management vacuum and ensure continuity as Daewoo E&C moves forward under new leadership.