Taekwang Industrial Shifts from Dual CEO System to Single Leadership
Full Authority Granted to CEO Yoo, Signaling Focus on Sales Reinforcement
Taekwang Industrial has shifted from a dual CEO system, which separated 'business' and 'sales' divisions, to a single CEO system. As a textile and petrochemical affiliate of the Taekwang Group, Taekwang Industrial has granted full authority to CEO Taeho Yoo, who has worked at various group affiliates for over 40 years, signaling the group's intent to strengthen its sales division.
According to Taekwang Industrial on May 1, Vice President Yongkeun Oh, who had served as co-CEO, stepped down from his position on April 30, and the company currently has no plans to appoint an additional CEO in the near future. It has been confirmed that Oh signed a consultant contract upon his resignation. Although he was appointed CEO earlier this year during the regular executive reshuffle, he recently resigned for personal reasons. It is reported that he felt health-related burdens after making frequent business trips between the Ulsan plant and other locations during his roughly four-month tenure. Oh, a graduate of Seoul National University’s Department of Chemical Education, previously served as head of the petrochemical team and head of the planning team at Taekwang Industrial.
As a result, Taekwang Industrial will now be managed solely by CEO Yoo. In addition, the company has reorganized so that each business division head now oversees the sales division, further reinforcing its sales-oriented management approach. In fact, recent personnel decisions at Taekwang Group are interpreted as being focused on strengthening sales. Since former Chairman Hojin Lee resigned in 2012, Taekwang Industrial has maintained a dual CEO system except for a few transitional periods.
CEO Yoo concurrently serves as CEO of Tsys, TL Chemical, and Merbang. A Taekwang official stated, "(CEO Yoo) has extensive experience across various business divisions," adding, "While he manages both business and sales, each division head is responsible for the sales division."
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