Jung Chang-sun, Chairman of Joongheung, Attends Inauguration Ceremony of Baek Jeong-wan, CEO of Daewoo Construction
As the acquisition of Daewoo E&C by Joongheung Construction Group is finalized, Joongheung Group Chairman Jeong Chang-seon will attend the inauguration ceremony of Baek Jeong-wan, the new CEO of Daewoo E&C.
Daewoo E&C announced on the 15th that it will hold the inauguration ceremony for CEO Baek Jeong-wan on the 16th at the headquarters' Prugio Art Hall. This visit by Chairman Jeong is the first since the M&A between Joongheung Group and Daewoo E&C.
Chairman Jeong plans to personally congratulate CEO Baek on his inauguration and deliver a message encouraging the hard work of the employees. The purpose is to seek future development directions through the cooperation of Joongheung Group and Daewoo E&C.
Previously, in December last year, Joongheung Group signed a stock purchase agreement to acquire 50.97% of Daewoo E&C's shares. Subsequently, after receiving corporate merger approval from the Fair Trade Commission in February this year, the acquisition was completed along with organizational restructuring. During this process, Joongheung Construction Group set a policy to independently operate Daewoo E&C's housing brand 'Prugio' while maintaining Daewoo E&C's independent management.
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Chairman Jeong Chang-seon said, "CEO Baek Jeong-wan is highly trusted by Daewoo E&C employees and is the right person to lead Daewoo E&C's leap forward. I will do my best with all my capabilities to help Daewoo E&C become the world's top construction company."
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