DL E&C CEO Changmin Ma Resigns... Over 10 Executives Also Replaced

Ma Chang-min, CEO of DL E&C, is stepping down from his position. More than 10 executives at DL E&C are also expected to be replaced, signaling a major organizational and personnel reshuffle.

Changmin Ma, CEO of DL E&C

According to the construction industry on the 29th, CEO Ma recently expressed his intention to resign from the company. This comes three years after his appointment in January 2021. Additionally, more than 10 executives have been notified of contract termination. This accounts for about 20% of the total 50 executives, with many from the housing and civil engineering divisions.

The large-scale executive replacement is expected to lead to a significant organizational restructuring soon. A company official stated, "Given the anticipated continued downturn in the construction market, it seems the decision to voluntarily step down was made based on the judgment that a proactive generational change is necessary," adding, "A large-scale organizational restructuring is also expected soon."