Daewoo E&C Transitions to CEO Kim Bohyun Leadership Structure

Kim Bohyun, Executive Vice President, to be Appointed New CEO at Next Month's Board Meeting
One Year as Advisor and Two Years as Executive Vice President Since Joining Jungheung Group in 2022
Decision Aimed at Organizational Stabilization, Establishing Responsible Management System, and Laying Foundation for Crisis Overcoming

Baek Jungwan Resigns as CEO
Retains President Position Until Term Ends in Late February Next Year

Kim Bohyun, the incoming CEO of Daewoo Construction

Daewoo E&C announced on the 5th that Kim Bohyun, Executive Vice President, is scheduled to be appointed as the new CEO at the board meeting in December. Kim Bohyun, the prospective new CEO, led the acquisition team for Daewoo E&C in 2021, overseeing the acquisition process by the Jungheung Group. After Daewoo E&C was incorporated into the Jungheung Group in 2022, he served as an advisor to Daewoo E&C for one year. From last year to this year, he has participated in company management as Executive Vice President.

A Daewoo E&C official explained, "The prospective new CEO Kim was born in 1966 and retired as a Brigadier General in the Republic of Korea Air Force, gaining extensive experience in the military over a long period," adding, "He has the capability to make quick decisions while carefully considering the members of the organization, and this decision was made to strengthen responsible management."

Daewoo E&C President Baek Jungwan will officially resign from the CEO position at the board meeting in December but will maintain his presidency until the end of his term in late February 2025. Regarding Baek Jungwan’s resignation as CEO, a Daewoo E&C official stated, "This decision was made to lay the foundation for rapid organizational stabilization and the establishment of a responsible management system, as uncertainties in the construction market are expected to continue next year."

With President Baek’s resignation decision, Daewoo E&C will be able to empower the new CEO system in the organizational restructuring scheduled for this month. A Daewoo E&C official said, "President Baek gathered the capabilities of executives and employees amid changes in the governance structure as the company was incorporated into the group system, overcoming difficult external environments such as high interest rates and rising costs to grow the company, and made the decision to resign from the CEO position for organizational stabilization," adding, "We will overcome the crisis through the proactive establishment of the new CEO system.""