Jung Chang-sun, Chairman of Joongheung, "Will Spare No Effort in Rebuilding Daewoo Construction"

Jung Chang-sun, Chairman of Joongheung Group

Jung Chang-sun, Chairman of Joongheung Group, personally attended the inauguration ceremony of Baek Jeong-wan, the new CEO (President) of Daewoo E&C, on the 16th, reiterating his commitment to Daewoo E&C's independent management and strengthening competitiveness.

At the inauguration ceremony held at the Prugio Art Hall in Eulji Twin Tower, where Daewoo E&C's headquarters is located, Chairman Jung said, "I believe in the strength and potential of Daewoo E&C's employees," and added, "We will spare no effort to equip Daewoo E&C with competitiveness that surpasses its past glory." He also reaffirmed the company's independent management and improvement of employee treatment, stating, "We will also reduce the high debt ratio that hinders stable corporate management."

This visit to Daewoo E&C headquarters by Chairman Jung is the first since the merger and acquisition (M&A) between Joongheung Group and Daewoo E&C. Amid personnel controversies and questions about the chemical integration between the companies after the acquisition, Chairman Jung is directly sending a message to promote harmony. He emphasized, "Daewoo E&C will develop into a company that all employees dream of, based on trust and cooperation with Joongheung Group."

After the inauguration ceremony, Chairman Jung held a meeting with CEO Baek and Daewoo E&C executives, team leaders, and site managers, sharing close communication with the company's employees. Having long been involved in the construction industry, Chairman Jung shared his experiences and conveyed the group's management philosophy and vision that fostered the growth of Joongheung Construction and Joongheung Togeon.

Baek Jeong-wan, President of Daewoo E&C

In his inaugural speech, CEO Baek emphasized safety first. He stated, "To fulfill our social responsibility as a company, we will prioritize respect for life as the highest value and promote 'safety' as the foremost and most focused aspect in management." To this end, the company recently introduced the Chief Safety Officer (CSO) system in its organizational restructuring, granting real authority over safety and health-related organizational structure, budget allocation, and personnel management, enabling it to function as the company's safety and health control tower.

Furthermore, CEO Baek stressed, "We will actively establish the foundation for next-generation growth through change and innovation." He announced plans to pursue new businesses and technologies aligned with industrial paradigm shifts such as the Fourth Industrial Revolution, Environmental, Social, and Governance (ESG) management, and carbon neutrality, and to strengthen strategic investments to build new growth foundations based on synergy with Joongheung Group.

A Daewoo E&C official said, "This inauguration ceremony will serve as an opportunity to publicly announce that the company is moving beyond the uncertainties of the M&A and embarking on a new start in earnest," adding, "Based on the competitiveness of Daewoo E&C's corporate culture, we will become a leading company in the construction industry through synergy with Joongheung Group."

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