GS Global said on the 1st that new CEO (president) Kim Sung-won acquired 40,000 treasury shares through on-exchange purchases immediately after the regular shareholders meeting on the 26th of last month. The purchase price of the shares is about 1 billion won.
GS Global said the chief executive's purchase of company shares signaled confidence in mid- to long-term growth and a commitment to resolve the undervaluation of corporate value. Key executives and employees also plan to voluntarily participate in share purchases. Kim said, "This decision is based on confidence in the company's future growth potential," adding, "We will continue to work to enhance shareholder value and practice responsible management."
Kim previously served as head of overseas energy business at GS Energy and as CEO of GS E&R, and was appointed CEO of GS Global at the regular shareholders meeting on the 26th of last month. In addition, GS Global revamped its management structure. CEO Kim and Chief Financial Officer (CFO) Kim Jae-sung were newly appointed as inside directors, while other non-executive director Kim Seok-hwan and outside director Wi Sung-ho were reappointed. Outside director Shin Chang-dong was newly appointed.
GS Global plans to diversify its business portfolio and secure new growth engines to change its sales structure, which is concentrated in the trade and distribution segment. This year's sales target is about 4.6 trillion won, higher than last year's sales (4.1093 trillion won).
GS Global will also continue its shareholder return policy. On the 3rd, it plans to pay a cash dividend of 25 won per share and will continue to enhance shareholder value through stable dividends.