Taekwang Industrial said on the 1st that it held a board meeting and appointed Executive Vice President Jeong In-cheol as the new CEO. With this, the company established a co-CEO structure with Lee Bui as CEO.
Jeong, the new CEO, graduated from the business administration department at Seoul National University and is a global strategy expert who served as head of strategy practice at the U.S. management consulting firms Monitor Group and A.T. Kearney.
Afterward, Jeong served as head of strategic planning and overseas business at Daelim Corporation and as head of the planning and coordination office at STX Group, then as CEO of the biopharmaceutical corporation CG Invites, before joining Taekwang Industrial in July last year as executive vice president in charge of future business.
Lee graduated from the chemical engineering department at KAIST and is a management planning expert with extensive experience in the group strategy institutional sector.
After serving as associate managing director in charge of management planning at the petrochemical business division of Daelim Construction, Lee joined Taekwang Group in 2017. Lee has led the establishment of mid- to long-term business strategies and future growth directions, serving as head of the planning team (senior executive vice president) at the support unit of the Group Future Management Council, among other roles.
Since April last year, Lee has served as senior executive vice president overseeing business at Taekwang Industrial, overseeing business portfolio management and key strategic tasks.
A Taekwang Industrial official said, "The combined strategy and mergers and acquisitions (M&A) capabilities of the two co-CEOs will strengthen balance across overall management," adding, "We will strengthen the competitiveness of our existing businesses while actively expanding the foundation for future businesses."