Kwon Hong-sa, Chairman of Bando Construction, Steps Down from Frontline Management

Kwon Hong-sa, Chairman of Bando Construction

[Asia Economy Reporter Donghyun Choi] Kwon Hong-sa, chairman who has led Bando Construction for 50 years since starting in the housing business in 1970, is stepping down from the front lines of management. It is rumored that this decision was made to ensure the early establishment of a professional management system following the organizational restructuring.

Bando Construction announced on the 10th that Chairman Kwon Hong-sa will step down from the front lines of management. At an internal event commemorating the publication of the 50th anniversary company history held the previous day, Chairman Kwon said, “Looking back on the past 50 years, I feel deeply moved. I sincerely thank all the executives, employees, and affiliates who have worked hard together.” He continued, “In the new era, the organization must be led by new figures with expertise,” adding, “Companies that do not change are bound to be left behind.” He also stated, “Since the organizational restructuring in June, the organization has settled into a responsibility-based management system centered on professional managers for each business division, and business performance has improved. For Bando to become a 100-year company and a global player, I hope each capable representative with expertise will lead the company responsibly. Trusting their capabilities, I will step down from the front lines of management,” expressing his intention to retire.

The background for this decision, according to Bando Construction, is the improvement in performance based on responsibility management centered on professional managers for each business division and strengthening expertise in each field. Recently, the professional management system has been established across the business as evidenced by achievements in the public sector as well as the core housing business, including winning bids for the mixed-use residential land in Janghang District, Goyang City, public land near Singyeongju Station (two plots), apartment construction contracts in Okpo-dong, Geoje, waterfront park construction in the Busan North Port redevelopment project, military facility construction, and dormitory construction at Ajou University. Chairman Kwon also stepped down from his positions as a registered director of affiliates (Bando Holdings, Bando Construction, Bando General Construction, Bando) in July.

A Bando Construction official explained, “Chairman Kwon observed the successful establishment of the professional management system through organizational restructuring and, as the organization stabilized and business performance improved in each division, he judged that it was the right time to step down. Going forward, the professional management system for each business division will gain even more strength.”

After retirement, Chairman Kwon plans to serve as chairman of the Bando Cultural Foundation, engaging in regional cultural projects, scholarship programs, and support projects for marginalized groups through the foundation. The Bando Cultural Foundation is a nonprofit public corporation established by Bando Construction that strives to popularize culture through exhibitions and cultural lectures and continues to support marginalized groups such as people with disabilities.

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