OCI's Third-Generation Management Begins... Lee Woo-hyun Appointed Chairman of OCI Holdings

Lee Woo-hyun "Growing into a Top-tier Company Together with Employees"

OCI is officially entering its third-generation management.

On the 25th, OCI announced that Vice Chairman Lee Woo-hyun of OCI has been appointed as the chairman of OCI Holdings, which will be launched on the 2nd of next month. It was announced that at the board meeting held at the headquarters in Jung-gu, Seoul, the agenda to appoint Vice Chairman Lee Woo-hyun as OCI chairman was approved.

Chairman Lee officially became chairman five years after being designated as the same person (head) of OCI by the Fair Trade Commission in 2018. It has been 18 years since he joined Dongyang Steel Chemical (now OCI) as an executive director in 2005.

OCI plans to convert OCI Holdings into a holding company within this year to establish the optimal investment strategy and a new growth foundation suited to the business characteristics. The group intends to increase its value through the introduction of a radical and flexible personnel system.

Lee Woo-hyun, Chairman of OCI Holdings [Photo by OCI]

Earlier, at the regular shareholders' meeting held on the 22nd of last month, OCI passed an agenda to spin off the chemical division and establish a new corporation. After the spin-off, the surviving company will be the holding company OCI Holdings, and the newly established company will be the chemical company OCI.

Chairman Lee said, "OCI is currently facing the biggest change and challenge since its founding," adding, "We will create a company that pursues sustainable development without settling for the status quo." He further stated, "With a heavy sense of responsibility, I will lead the journey toward a greater leap."

Former Chairman Baek Woo-seok will serve as the chairman of the OCI Holdings board of directors. He plans to focus on advising OCI Group’s strategy and direction. Newly recruited Seo Jin-seok, former CEO of EY Hanyoung, will oversee company operations as the Chief Executive Officer (CEO).

The newly established OCI company will promote President Kim Taek-jung, the CEO, to vice chairman. Vice President Kim Yoo-shin will be promoted to president (CEO), operating under a dual CEO system.

The inauguration ceremony for Chairman Lee will be held alongside the launch of OCI Holdings.