TY Holdings, the holding company of Taeyoung Group, announced on the 29th that it held its regular shareholders' meeting and board of directors meeting, and appointed Yoon Se-young, the founding chairman of Taeyoung Group, as the chairman of the TY Holdings board.
TY Holdings explained, "As the founder who has led the group's growth for over 50 years, based on his accumulated experience and strong leadership, he was appointed as the chairman of the board to fulfill responsible management and to wisely overcome the difficulties the group is facing."
Chairman Yoon stepped down from frontline management in 2019 but returned to management last December to overcome the group crisis caused by liquidity shortages at Taeyoung Construction.
In his acceptance remarks as chairman of the board, Chairman Yoon said regarding Taeyoung Construction, which is currently undergoing a workout, "Thanks to full support at the group level and Taeyoung Construction’s self-help efforts, cash flow is proceeding smoothly, and there is a glimmer of normalization. As chairman of the holding company’s board, I will take the lead to expedite normalization."
He also expressed his determination to lead substantial changes in the media sector. He emphasized, "I will seek ways to revitalize media affiliates such as SBS, whose profitability is rapidly deteriorating due to decreased advertising, soaring production costs, and a surge in domestic and international competing media."
At the shareholders' meeting and board meeting held that day, a proposal to reduce the director remuneration limit from 4 billion KRW last year to 3 billion KRW, a decrease of 1 billion KRW, was also approved.
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