December 18, 2024

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Daewoo E&C CEO Kim Bo-hyun waves a corporate flag at a ceremony held at the company's headquarters in Seoul on Tuesday. (Daewoo E&C)

Kim Bo-hyun, the new CEO of Daewoo Engineering & Construction, pledged to focus on maximizing profits and reducing risks amid uncertain economic conditions during his inauguration ceremony, the company said Wednesday.

"We should come together to build a robust company amid the challenges faced by the construction industry," Kim said in his inaugural speech at the ceremony, held at the company's Seoul headquarters on Tuesday.

He detailed a blueprint targeting a net income of 1 trillion won ($700 million) and a reduced debt-to-equity ratio of 120 percent by 2027. The construction company reported a net profit of 521.5 billion won and a debt ratio of 176.8 percent in 2023.

Kim further underscored other key priorities for the company's future, urging everyone to adopt a mindset of "protecting my family" at construction sites to prioritize safety. He also stressed the need to boost efficiency through innovative technologies like Building Information Modeling, while seeking growth opportunities beyond construction.

Daewoo E&C plans to expand its business portfolio by focusing on development projects in three key regions -- North America, Africa and Southeast Asia -- while seeking opportunities in other overseas markets in its diversification efforts.

Regarding corporate culture, Kim called for the establishment of a horizontal organizational structure based on trust and cooperation.

"I am confident that, under the new leadership, all employees will work together to make the company a more innovative global construction firm," Daewoo E&C Chairman Jung Won-ju, who doubles as chairman of Herald Corp., said in congratulatory remarks at the ceremony.

Kim, a retired South Korean Air Force brigadier general who joined Daewoo in 2021 during Jungheung Group's takeover of the company, previously served as an adviser and later as executive vice president. He is succeeding former CEO Baek Jung-wan, who has held the role since 2022.

Baek expressed his appreciation for his time at Daewoo E&C, stating, "I hope for the company's continued unity in the face of challenges, moving forward toward greater goals." Baek will continue to serve his term as president until February 2025.

By No Kyung-min (minmin@heraldcorp.com)