Daewoo Shipbuilding & Marine Engineering Construction Chairman Kim Yong-bin Appointed as New Chairman of Seongji Construction

[Asia Economy Reporter Jang Hyowon] Daewoo Shipbuilding & Marine Engineering Construction (Chairman Kim Yongbin) announced on the morning of the 21st at Seongji Construction in Gangnam-gu, Seoul, during the Seongji Construction board meeting that its Chairman Kim Yongbin was appointed as the new chairman of Seongji Construction.

Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction, who was appointed as chairman of Seongji Construction, is having his first meeting with executives and employees at Seongji Construction on the 21st. / Photo by Korea Technology

According to the resolution of the Seongji Construction board, Kim Yongbin, who currently serves as chairman of Korea Technology, a KOSDAQ-listed company, and Daewoo Shipbuilding & Marine Engineering Construction, has also been named the new chairman of Seongji Construction.

Chairman Kim expressed his ambition, saying, “If all employees unite with a one-team spirit, the revival and reconstruction of Seongji Construction is fully achievable,” and added, “We will make every effort to meet the requirements for relisting in 2024.”

On the same day in the afternoon, he attended the ‘Seongji Construction Employees Meeting’ and had his first meeting with general staff. The meeting was attended by all employees of Seongji Construction, including co-CEOs Lee Yongseung and Kim Hyunkyung, as well as senior executives and officials from the Daewoo Shipbuilding & Marine Engineering Construction headquarters.

Chairman Kim introduced his management philosophy that “a construction company must be centered on talent, finance, and marketing,” and announced plans to focus on ▲communication management ▲credit recovery ▲talent acquisition ▲strengthening sales.

He also conveyed his policy to stabilize Seongji Construction’s management swiftly based on his experience in rebuilding Daewoo Shipbuilding & Marine Engineering Construction, and to dramatically increase order volumes within the year to maximize synergy.

Addressing concerns from some employees worried about restructuring, he said, “Employment succession will be maintained, so please do not worry,” and urged, “Now, please focus solely on enhancing corporate value through growth and becoming the protagonists of Seongji Construction’s reconstruction.”

Meanwhile, after Chairman Kim Yongbin’s inauguration, Daewoo Shipbuilding & Marine Engineering Construction, which has achieved significant results and raised its order target to 2.2 trillion won, acquired a 29.28% stake in Seongji Construction through a court auction in August, becoming the largest shareholder. Recently, it officially began cooperation with Seongji Construction by signing a ‘New Real Estate Development Business Agreement’ with Seongji Construction and Mugunghwa Trust.

Seongji Construction, founded in February 1969, is one of Korea’s first-generation construction companies. It has undertaken large-scale projects such as the Gangneung Speed Skating Oval and Incheon Munhak Stadium, venues for the 2018 Pyeongchang Olympics, and ranked 30th in the 2021 construction company brand reputation rankings.