Jung Won-joo, Vice Chairman of Joongheung Group, Officially Inaugurated as Chairman of Daewoo Construction

"Strengthening Competitiveness Amid Uncertain Business Environment"

Jung Won-joo, Vice Chairman of Joongheung Group, will officially take office as chairman of Daewoo Engineering & Construction on June 1.

Daewoo E&C announced this on the 26th, explaining, "This chairman appointment was made to pioneer new markets and strengthen competitiveness in key markets overseas amid uncertain external business environments."

Daewoo Construction Chairman Jeong Won-ju

Daewoo E&C plans to support the independence and decision-making of the current management team even after Chairman Jung's inauguration. Chairman Jung will focus on securing sustainable growth drivers for Daewoo E&C through pioneering and expanding overseas markets.

With the major shareholder reaffirming its commitment to independent management, Daewoo E&C plans to establish a management system capable of stable and swift decision-making to overcome the increasingly uncertain external environment and to formulate mid- to long-term growth strategies.

A Daewoo E&C official said, "Especially as the importance of overseas market development grows amid the domestic construction industry's downturn, Chairman Jung Won-joo's inauguration is expected to significantly enhance the company's order-winning competitiveness by increasing trust and negotiation power during visits to overseas clients and top national leaders."

Since joining Joongheung Group last year, Chairman Jung has met with numerous top-level overseas officials from countries such as Vietnam, the Philippines, Nigeria, Uzbekistan, and Turkmenistan. This year, he has also visited Oman to encourage employees and review order-winning strategies, making efforts to expand overseas markets. Therefore, Daewoo E&C expects that Chairman Jung's inauguration will lead to strengthened negotiation power during future meetings with major overseas leaders and business partners, contributing to pioneering new markets and expanding the base in key markets.

Chairman Jung will officially begin his external activities as Daewoo E&C chairman by visiting Turkmenistan on the 29th to meet with top national leaders. During this visit, he plans to discuss support for two fertilizer plant projects for which MOUs were signed last year, as well as cooperation plans for new city development projects promoted by the Turkmenistan government.

A Daewoo E&C official stated, "This chairman appointment has become an opportunity to firmly establish a clear position and empower efforts to pioneer overseas markets and expand the base in key markets," adding, "It will be a turning point for overcoming uncertain internal and external business environments and for the company to grow into a global construction firm."

Additionally, no separate inauguration ceremony will be held in relation to this appointment.