Kim Sang-yeol, Chairman of Hoban, Steps Down as CEO... Retains Position as Inside Director

[Asia Economy Reporter Lee Chun-hee] Kim Sang-yeol, Chairman of Hoban Construction, has stepped down from his position as CEO. However, it is known that Chairman Kim will continue to participate in management by retaining his position as an inside director.

Hoban Construction announced through the Financial Supervisory Service's electronic disclosure on the 13th that Chairman Kim stepped down from the CEO position as of the 9th of last month. On the same day, Park Cheol-hee, President of Hoban Construction, also stepped down from the CEO position. Song Jong-min, who was one of the three co-CEOs, retained his position.

Instead, on that day, Vice Chairman Choi Seung-nam of Hoban Construction was appointed as CEO, establishing a two-person co-management system with Choi Seung-nam and Song Jong-min. Hoban had announced on the 2nd of last month that Vice Chairman Choi Seung-nam would be appointed from CEO of Hoban Hotel & Resort to Vice Chairman of Hoban Group and CEO of Hoban Construction. Since joining Hoban Group as Vice President in 2015, Vice Chairman Choi has led M&A activities involving Kumho Industrial, Daewoo Construction, Ultra Construction, and Resom Resort (now Hoban Hotel & Resort).

However, the fact that Chairman Kim and President Park stepped down from the CEO position was first revealed through the disclosure on the 13th. A Hoban Construction official said regarding this personnel change, "It is a personnel move aimed at strengthening responsible management by subsidiaries through the appointment of professional managers for listing preparation and sustainable growth," adding, "The disclosure was made now due to procedural reasons, but it is a continuation of the personnel announced last month."

He continued, "They only stepped down from the CEO position, not from the front line of management," and "It is common for the chairman to take on and step down from the CEO position depending on management circumstances." In fact, unlike President Park, who also stepped down from the inside director position, Chairman Kim retained his inside director position. Thus, the inside directors of Hoban Construction are composed of four members: ▲Chairman Kim Sang-yeol ▲Vice Chairman Choi Seung-nam ▲CEO Song Jong-min ▲Planning Executive Kim Dae-heon. Chairman Kim had also stepped down from the CEO position of Hoban Construction in 2015 due to the influence of the Kumho Industrial acquisition battle.

This content was produced with the assistance of AI translation services.