Daewoo Shipbuilding & Marine Engineering Construction Executive Appointments for Merger... Jang Se-ung and Shin Yong-gu Appointed as Co-CEOs

[Asia Economy Reporter Jang Hyowon] Daewoo Shipbuilding & Marine Engineering Construction, a subsidiary of Korea Technology, a KOSDAQ-listed company (Chairman Kim Yongbin), announced on the 9th that it will carry out executive personnel changes to enhance management efficiency and organizational capabilities.

Jang Sewoong (former head of the Architecture Division) has been appointed as the 1st Co-CEO and President in charge of construction, and Shin Yonggu (current CEO of Korea Technology) has been nominated as the 2nd Co-CEO and President in charge of management strategy. Accordingly, Daewoo Shipbuilding & Marine Engineering Construction will change from a single CEO system to a co-CEO system.

Jang Sewoong, newly appointed as President in charge of construction, earned a Ph.D. in Architectural Engineering from Hanyang University Graduate School and was recruited by Daewoo Shipbuilding & Marine Engineering Construction. He is recognized for successfully leading major projects such as the ELCRU brand renewal, Hwaseong Bongdam LH Apartments, and Pyeongtaek New Vision ELCRU, significantly boosting the company's growth momentum.

Through this executive personnel change, the company plans to prepare for a series of mergers among subsidiaries and further strengthen its order-winning capabilities through a new personnel system, accelerating efforts to achieve this year's order target of 2 trillion won.

Additionally, Baek Ungul (former Vice President of the Business Division) has been promoted to Senior Vice President in charge of the business division. Senior Vice President Baek Ungul was recognized for his contribution to the company's exponential increase in orders through his extensive network and was included in the promotion.

Furthermore, Jang Sangman, who oversaw the management strategy division, was promoted to Vice President after leading qualitative growth while managing the company's operations for 33 years, and Kim Bonggyu was appointed as Executive Director and head of the Architecture Division (promoted).

A company official stated, "This decisive personnel change is to navigate the merger issue, where crisis and opportunity coexist, with greater speed and confidence," adding, "It will be a significant turning point for the company."

Meanwhile, Korea Technology is scheduled to hold about 99% of Daewoo Shipbuilding & Marine Engineering Construction's shares through a merger with Korea Investment Bank, with the merger date set for May 30.

[Promotions]

◇ President

▲ 1st Co-CEO and President in charge of Construction: Jang Sewoong (promoted)

▲ 2nd Co-CEO and President in charge of Management Strategy: Shin Yonggu (nominated)

◇ Senior Vice President

▲ Senior Vice President in charge of Business Division: Baek Ungul (promoted)

◇ Vice President

▲ Vice President in charge of Management Strategy Division: Jang Sangman (promoted)

◇ Executive Director

▲ Executive Director and Head of Architecture Division: Kim Bonggyu (promoted)