Daewoo Engineering & Construction has announced the promotion of Lee Kang-seok, head of external cooperation, to vice president and recommended him as the next CEO following the resignation of Kim Bo-hyun.
On August 6, Daewoo Engineering & Construction stated that Kim Bo-hyun voluntarily expressed his intention to resign ahead of the expiration of his term, and the company has decided to respect his decision.
Lee Kang-seok, currently the head of external cooperation, is set to be recommended as the next CEO.
The company explained that Kim's resignation is based on the assessment that he has fulfilled his duties and that new leadership is necessary to ensure the company's continued growth and swift response to the rapidly changing external environment.
Kim Bo-hyun oversaw the acquisition process of Daewoo Engineering & Construction as the head of the acquisition team when the company was acquired by the Shinhung Group in 2021. He later took on the role of CEO, focusing on organizational stability, growth, and profitability-centered management.
According to the company, Kim has established a foundation for financial soundness through proactive risk management and the reflection of potential risks, leading to a recovery in profitability that exceeded market expectations in the first and second quarters of 2026.
To minimize management gaps ahead of a large-scale order in the second half of the year and the end of the emergency management system, Daewoo Engineering & Construction has decided to expedite the CEO selection process compared to previous years. The company plans to swiftly carry out organizational restructuring and subsequent personnel changes under the new CEO.
Lee Kang-seok joined Daewoo Engineering & Construction in 1996 and has experience in sales and external cooperation. The company evaluates him as having the capability to enhance domestic and international bidding competitiveness and to communicate and collaborate effectively with stakeholders, including the government, clients, and partners.
As Daewoo Engineering & Construction has significantly raised its new order targets for this year, this leadership change is seen as a strategic move ahead of securing large projects and reorganizing the company.
A company official stated, “This leadership transition reflects our commitment to achieving a generational change with young and dynamic leadership to respond swiftly and flexibly to the rapidly changing internal and external business environment.”
Daewoo Engineering & Construction will finalize the CEO candidate at the board meeting, appoint him as an inside director at the shareholders' meeting, and proceed with the CEO selection process through subsequent board resolutions.
A company representative remarked, “Through this leadership transition, we aim to secure both management stability and growth momentum, ensuring the smooth advancement of key projects in the second half of the year.”
* This article has been translated by AI.
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