Aekyung Group Launches Aekyung Chemical with Merger of Three Chemical Companies; Pyoh Kyung-won Appointed CEO

Appointment of Park Tae-han as CEO of Aekyung Special Coatings
Personnel move about a month earlier than usual

[Asia Economy Reporter Lim Hye-seon] AK Holdings implemented its regular executive personnel changes for 2022, appointing Pyo Kyung-won, CEO of AK Chemical (pictured), as the new head of AK Chemical, which was launched through the merger of three chemical companies under AK Group as of November 1. This personnel change was made about a month earlier than usual. It is a measure to quickly establish next year's management strategy in response to the 'With Corona' era.

Born in 1971, the newly appointed CEO of AK Chemical, Pyo Kyung-won, joined the company in 2018 and has served as head of the management strategy division at AK Yuha and CEO of AK Chemical. The group judged that Pyo Kyung-won is the right person to lead AK Chemical after the merger, possessing the drive and leadership to propose and execute a challenging mid- to long-term vision and strategy. Park Tae-han, head of the sales division at AK Chemical, was appointed as CEO of AK Special Coatings, a subsidiary of AK Chemical. Born in 1967, Park Tae-han joined the company in 1994 and has held positions such as head of overseas business at AK Chemtech and head of sales and R&D at AK Chemical. Park Tae-han was highly evaluated for his long-standing expertise in the industry.

Additionally, Lee Young-soo, CEO of AM Plus Asset Development, was promoted from executive director to vice president, and Kim Jae-young, CEO of AK IS, was promoted from managing director to executive director.

Lee Seok-joo, president of AK Holdings, explained, "In accordance with AK Group's personnel principle of actively appointing talent who contribute to tangible growth of the group and companies through performance improvement and organizational innovation, we have made CEO appointments," adding, "In the With Corona era, we will continue to embrace rapidly changing diversity and pursue proactive change and challenges."

Meanwhile, AK Chemical held a board meeting this morning on the merger date, completed the merger completion report, and held a move-in ceremony at AK Tower located near Hongdae Entrance Station, marking the end of the 50-year era in Guro-dong and announcing a new start for future-oriented change. AK Chemical will use the 9th and 10th floors of AK Tower and plans to enhance work efficiency by implementing the entire space as a smart office aimed at digital transformation.

AK Group decided in August to merge its three chemical affiliates?AK Yuha, AK Chemical, and AK Chemtech?and has been carrying out the merger process. AK Chemical aims to achieve sales of 4 trillion KRW by 2030, upgrading the business structure of the group's chemical business and maximizing growth engines. In particular, to accelerate growth, it has established specific strategies including maximizing competitiveness of existing businesses, focusing on fostering eco-friendly products and businesses, establishing local business systems in key global markets, enhancing R&D capabilities and expanding R&D investment, and establishing an ESG management system, targeting an average annual growth rate of 10%.