"At the Forefront of New Business Talent"... GS Tightens the Reins on Future Growth

Heo Jun-nyeong, Vice President of GS. He was recruited from outside to lead the corporate venture capital that GS will establish.

[Asia Economy Reporter Choi Dae-yeol] Jung Chan-su, CEO of GS E&R, has moved to GS EPS, and Kim Seok-hwan, head of the finance team at GS Corporation, has been newly appointed as CEO of GS E&R. Lee Young-hwan, Vice President of GS Caltex, has been promoted to President and appointed as CEO of GS Global. Yeo In-chang, an executive director from outside the company, has been appointed as CEO of Parnas Hotel. Lee Doo-hee, Vice President of GS Caltex, who is in charge of Chief Safety Officer, Co-CEO, and Head of Production Headquarters, has been promoted to President.

GS announced the 2022 executive personnel appointments on the 1st, which will be finalized after approval by the boards of directors of each affiliate. Four people were appointed or transferred as CEOs, one person was promoted to President, six to Vice President, nine to Executive Director or transferred, and 20 newly appointed as Managing Directors. A total of 43 people, including three recruited from outside, were targeted.

Many of those in charge of discovering and promoting new businesses were promoted or recruited. Heo Seo-hong, Executive Director in charge of the Future Business Team at GS Corporation, was promoted to Vice President. The company explained that Heo is actively involved in formulating GS Group's overall new business investment strategy, creating strategic synergy in the investment portfolio, and promoting large-scale mergers and acquisitions (M&A). Heo is the eldest son of Heo Kwang-soo, Chairman of Samyang International, making him the fourth generation of GS. His maternal grandfather is former Foreign Minister Kim Dong-jo, and he is a second cousin of Jung Ki-sun, President of Hyundai Heavy Industries Holdings.

Heo Jun-nyeong, Vice President who will lead the corporate venture capital (CVC) to be established by GS Corporation, joined from outside. He is an investment expert who led corporate M&A at Mirae Asset Global Investment Division and UBS New York headquarters. In addition, Kim Jung-soo, Head of Strategic Planning at GS Caltex, who is in charge of future business development such as hydrogen and mobility, was promoted to Vice President. He was recruited as an Executive Director last year and promoted within two years. Kwon Young-woon, Executive Director and Head of GS Caltex Technology Research Institute, who develops eco-friendly fuels and biochemical materials, was newly recruited.

Jung Chan-soo Appointed as President of GS EPS

Lee Seong-hwa, Head of New Business Division at GS Retail, and Kim Jong-seo, Head of Platform BU Strategy Division, were also promoted to Managing Director. GS said, "Among the 43 promoted and recruited executives, nine are responsible for new business strategy and investment in each business area," adding, "This means that we will not be satisfied with the good performance recorded across all affiliates this year but will put more effort into future new growth engines."

As part of strengthening ESG (Environmental, Social, and Governance) management, personnel from each affiliate were given important roles. GS E&R, where Kim Seok-hwan was appointed as the new CEO, is expected to focus on shifting its main coal power generation business to ammonia co-firing power generation or renewable energy such as wind power. Song Jeong-hoon, Head of Environmental Business Division at GS Construction, and Joo Woon-seok, Managing Director at GS Retail, were promoted to Executive Director. They have been leading eco-friendly business models. Lee Han-na, a newcomer commerce expert, will take charge of digital commerce business at GS Retail.

Lee Seung-hoon, Executive Director and Head of Lubricants Business Division at GS Caltex, was promoted to Vice President and will lead the S&T Division. Lee Kang-beom, Executive Director of GS EPS Power Business Division, was also promoted to Vice President. Jo Seong-han, Head of GS Construction Division, was promoted to Vice President and will serve as head of the Plant Division, and Eom Gwan-seok, Executive Director of Xi S&D, was promoted to Vice President.

Along with this, eight people including Choi Nuri, Managing Director at GS Corporation; Kim Eung-hwan, Managing Director at GS Power; Kim Young-joo and Oh Young-cheol, Managing Directors at GS Caltex; Jung Jae-hyung and Joo Woon-seok, Managing Directors at GS Retail; and Kwon Hyuk-tae and Song Jeong-hoon, Managing Directors at GS Construction, will be promoted to Executive Director. Lee Tae-hyung, Head of Management Planning Division at GS Energy, will move to GS Corporation as Chief Financial Officer (CFO) and Portfolio Manager (PM) Team Leader.