President and CEO Kim Bo-hyeon will step down with about one year and four months left in the term. Daewoo Engineering & Construction plans to promote External Cooperation Head Senior Executive Director Lee Kang-seok to executive vice president and recommend Lee as the next CEO candidate.
Daewoo Engineering & Construction said on the 6th that, following Kim's expression of intent to resign, it decided to recommend Lee as the successor CEO candidate.
The company plans to hold a board meeting in Oct. to finalize the CEO candidate, then appoint the executive vice president as an inside director at a shareholders meeting. After that, it plans to complete the CEO appointment process through a board resolution.
Kim's term was until Dec. 2027, but Kim was said to have conveyed an intention to step down voluntarily to prepare for a new leap for the company and respond to changes in the business environment.
A Daewoo Engineering & Construction official said, "We judged that CEO Kim faithfully fulfilled the assigned role," adding, "With the end of the emergency management system and the company now on a normal track, we saw this moment as the right time to prepare for future growth through new leadership."
Kim, a former Air Force fighter pilot, led Jungheung Group's acquisition task force for Daewoo Engineering & Construction in 2021 and oversaw the acquisition. Kim then served as an inside director and chief operating officer at Daewoo Engineering & Construction before being appointed CEO in Dec. 2024.
Kim is the son-in-law of the late Chairman Jeong Chang-seon, founder of Jungheung Group, and also the brother-in-law of Daewoo Engineering & Construction Chairman Jeong Won-ju.
Executive Vice President Lee, tapped as the successor candidate, joined Daewoo Engineering & Construction in 1996 and is an internal hire who has built a career in sales and external cooperation.
Daewoo Engineering & Construction assessed that Lee has strengths in boosting domestic and overseas order-winning competitiveness and communicating with various stakeholders, including the government, clients, and partners.
Daewoo Engineering & Construction posted first-half revenue of 3.999 trillion won, operating profit of 487.9 billion won, and net profit of 363.0 billion won this year.
Revenue fell 8.2% from 4.35 trillion won a year earlier, but operating profit rose 109.0% from 233.5 billion won a year earlier.