Daewoo Engineering & Construction's new CEO Kim Bo-hyun (Daewoo E&C)

South Korean builder Daewoo Engineering & Construction announced Tuesday that Kim Bo-hyun, the current executive vice president, is set to take on the role of CEO at the upcoming board meeting scheduled for December.

Kim, born in 1966, is a retired South Korean Air Force brigadier general and former fighter pilot. He joined Daewoo in 2021 as the head of the acquisition team during Jungheung Group’s takeover of the company. After a year as an adviser, he took on the role of executive vice president in 2023 to oversee Daewoo’s local and overseas projects.

Current CEO Baek Jung-wan will continue to serve his term which ends in February 2025. The company added that Baek has played a critical role in stabilizing the management during the ownership transition period.

The company also noted that this leadership transition aims to solidify its organizational structure as it anticipates challenging conditions in the construction sector next year.

“Given the ongoing uncertainties in the construction market next year, swift decision-making and responsible management are becoming increasingly important to navigate the rapidly changing environment," a Daewoo E&C official said. "By establishing a proactive new CEO leadership structure, we aim to overcome these challenges.”

Daewoo E&C is also planning an organizational restructuring later this month to strengthen Kim’s leadership, aiming to improve the company’s resilience and readiness in a fast-changing industry.

By Hwang Joo-young (flylikekite@heraldcorp.com)