DB Group Reorganizes into Three Business Groups: Insurance, Finance, and Manufacturing Services

Kim Jeong-nam, Go Won-jong, and Vice Chairman Lee Jae-hyung Each Take Group Leader Roles
Major Affiliate CEOs Also Undergo Generational Change

Kim Jeong-nam, Vice Chairman of DB Insurance Group; Ko Won-jong, Vice Chairman of DB Financial Group; Lee Jae-hyung, Vice Chairman of DB Manufacturing Services Group. (From left) [Photo by DB Group]

[Asia Economy Reporter Han Yeju] On the 26th, DB Group reorganized its business structure into three groups: Insurance, Finance, and Manufacturing Services, and appointed group heads for each business group.

Kim Jeongnam, Vice Chairman of DB Insurance, was appointed as the head of the Insurance Group; Go Wonjong, Vice Chairman of DB Financial Investment, as the head of the Finance Group; and Lee Jaehyung, former Vice Chairman of Dongbu Daewoo Electronics, as the head of the Manufacturing Services Group. These group heads will lead the mid- to long-term growth strategies and synergy creation for their respective business groups.

Kim Jeongnam, Insurance Group Head (Vice Chairman), has served as CEO of DB Insurance since 2010. Go Wonjong, Finance Group Head (Vice Chairman), has been CEO of DB Financial Investment since 2010. Lee Jaehyung, Manufacturing Services Group Head (Vice Chairman), previously served as CEO of Dongbu Daewoo Electronics and as Chairman of the Korea Optical Industry Promotion Association, and has now returned to DB as the head of the Manufacturing Services Group.

Jung Jong-pyo, CEO of DB Insurance; Kwak Bong-seok, CEO of DB Financial Investment; Jo Ki-seok, CEO of DB HiTek Foundry Business Division; Hwang Kyu-chul, CEO of DB HiTek Brand Business Division. (From left)
[Photo by DB Group]

With the reorganization into three business groups and the appointment of group heads, the CEOs of major affiliates have also been newly appointed.

Jung Jongpyo, Vice President of DB Insurance, has been nominated as the new CEO of DB Insurance; Kwak Bongseok, Vice President of DB Financial Investment, as the new CEO of DB Financial Investment; Jo Giseok, Vice President of DB HiTek, has been appointed as Co-CEO and Head of the Foundry Business Division; and Hwang Gyucheol, President, has been appointed as Co-CEO and Head of the Brand Business Division. Choi Changsik, Vice Chairman of DB HiTek, will step down from his CEO position and take on the role of Semiconductor CTO. The new CEOs are expected to be officially appointed after the shareholders' meeting early next year.

A DB Group official stated, "We reorganized the group’s business structure into three groups considering the nature and expertise of each business. We appointed professional managers with extensive business experience and management capabilities in the respective fields as group heads, and by implementing a generational change in the CEOs of major affiliates, we plan to strengthen business expertise and autonomous responsible management."

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