Taeyoung Construction, Organizational Restructuring and Executive Appointments... Development Project Team Split for 'PF Management'

Taeyoung Construction, which is undergoing a workout (corporate rehabilitation procedure), announced on the 29th that it has carried out regular executive personnel changes and organizational restructuring to respond swiftly to the deteriorating business environment caused by the construction industry slump.

Taeyoung Construction Headquarters. Photo by Yonhap News

As part of this organizational restructuring, the existing Operations Headquarters will be abolished. The Cost Management Team under the Operations Headquarters will be transferred to the Management Headquarters, while the RM Team and Execution Estimation Team will be moved to the Management Innovation Office. The existing Development Business Team has been split into Team 1 and Team 2. This measure aims to promote efficient and systematic management and prompt stabilization of project financing (PF) sites.

Meanwhile, Taeyoung Construction resumed stock trading last month and is preparing for the construction industry downturn by completing the sale of held assets. A Taeyoung Construction official stated, "We are faithfully implementing the corporate improvement plan through the restructuring of PF projects and the completion, sale, and occupancy phases."

In addition, regular executive personnel changes were also made effective from the 1st of next month.

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