One Year in Office... "Striving to Present a Relatable Vision and Innovate"
Referring to the Geomdan Incident, "Ensuring Difficult Times Never Come Again"
Huh Yoon-hong, CEO of GS Engineering & Construction, who marked his first year in office, stated on the 18th, "We will not pursue reckless order expansions," adding, "If we continue to earn trust in safety and quality, there will be no more difficult times."
GS Construction CEO Heo Yoonhong is explaining the new 'Xi' brand at the Xi Gallery in Daechi-dong, Gangnam-gu, Seoul on the 18th. Photo by Yonhap News
On the same day, CEO Huh made these remarks at the 'Xi Re-ignite' event held at the Xi Gallery in Daechi-dong, Gangnam-gu, Seoul.
In response to reporters' questions about GS E&C's future growth strategy, he said, "We have many excellent personnel and many technologies that differentiate us from other competitors, so we can sufficiently expand many businesses," but also stated his management policy, "Reckless expansion does not seem to be the right approach." He added, "Strategic expansion is possible, but reckless orders, as experienced in the past in the plant sector, cause significant damage in various ways." CEO Huh mentioned, "The company has faced two crises," citing one as the heavy losses caused by excessive competition among domestic construction companies in the Middle East during 2007-2008.
He also referred to the 'Incheon Geomdan apartment parking lot collapse incident' as another crisis, saying, "It is true that the company suffered significant damage through such accidents." He emphasized, "Compared to other industries, construction companies face the greatest risk of penalties under the Serious Accident Punishment Act. While safety accidents are inevitably a reality, if we continue to earn customers' trust in safety and quality, I believe there will be no more difficult times."
Regarding his activities over the past year since taking office, he said, "I have focused on presenting a vision that both customers and employees can empathize with and achieving trust and innovation," adding, "Through employee interviews, we derived a new vision, and by visiting sites directly and listening to employees' voices about safety and quality, we are establishing management principles based on trust."
Meanwhile, GS E&C, which unveiled the new 'Xi' brand philosophy and logo on the same day, plans to strengthen urban renewal projects over the next two to three years in line with the government's housing supply policy. A large-scale personnel reshuffle is also anticipated by the end of the year. Kim Tae-jin, Head of the Management Support Division, stated, "We will improve processes and expand the talent pool to discover core talents," adding, "A large-scale personnel reshuffle is expected to take place simultaneously with the system reform at the end of this month."
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