HANJIN HEAVY INDUSTRIES

HJSC started the co-CEO system as appointing the vice president Yoo Sang-Cheol as the new CEO. CEO Hong Moon-Ki as the single CEO in the past and newly appointed CEO Yoo Sang-Cheol will focus on strengthening competitiveness by leading construction business and shipbuilding business, respectively. 

HJSC announced restructuring changing the existing single CEO system to co-CEO system per business sector, shipbuilding and construction, for enhancing business efficiency and expertise. 

HJSC added that restructuring to co-CEO system aimed to maximize the effect strengthening competitiveness per business sector as well as to reform management by implementing the responsible management system with management specialists and streamlining business decision making. 

Newly appointed CEO Yoo Sang-Cheol for shipbuilding business is evaluated as the financing and planning specialist going through key positions and the connoisseur of financial affairs as the old hand in the financial sector. CEO Yoo worked as the project financing director in Daewoo Securities, IB director in Leading Investment and Securities, future strategy manager in Dongbu Corp., and CEO in WIK. 

CEO Yoo joined the management after successfully completing the acquisition procedure with HJSC creditors in Aug. 2021. Since then, CEO Yoo has been devoting on normalizing business as managing the profitability and business planning of shipbuilding and construction sector as the financial specialist. 

In particular, CEO Yoo took the lead in securing business management system, improving cost management and implementing processes of HJSC on the basis of business knowhow from business normalization of Dongbu Corps for 2 years. Furthermore, CEO Yoo was recognized by his competency through remarkable achievement in overall business sectors of HJSC including restart of commercial vessel operation in shipbuilding sector, purchase of Geoje factory as the satellite factory, improvement of labor management relationship and development of eco-vessel. 

An official of HJSC said that HJSC could concentrate more on consolidating the foundation for future great leap in shipbuilding and construction business sector because co-CEO system enabled CEO Hong Mook-Ki to focus on construction business, his specialty sector, and newly appointed CEO Yoo Sang-Cheol recognized as the financial expert to focus on improvement of financial structure and turnaround by intensifying profitability in shipbuilding business.