Ssangyong Construction, Transition to a Single Leadership System with CEO Kim In-su

Ssangyong Engineering & Construction will switch from a dual CEO system, which has been in place since July last year, to a single CEO system.

Kim In-su, CEO of Ssangyong Construction / Photo by Ssangyong Construction

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According to Ssangyong Engineering & Construction on the 18th, Kim Ki-myeong, Vice Chairman of Global SeAH, will step down from his position as CEO of Ssangyong Engineering & Construction within this month. He relinquished his CEO position after being promoted from Group CEO to Vice Chairman as of the 1st of this month. It has been about a year since Vice Chairman Kim served as CEO of Ssangyong Engineering & Construction.

A Ssangyong Engineering & Construction official stated, "This decision is not a resolution of the board of directors. He will only step down from the CEO position but will remain on the registry," adding, "The company will be operated under CEO Kim In-su, who has been in charge of the construction division, so there will be no internal confusion."

Vice Chairman Kim was appointed CEO of Ssangyong Engineering & Construction at the end of December 2022 when Global SeAH completed the acquisition of Ssangyong Engineering & Construction. Subsequently, in July last year, CEO Kim In-su joined, changing the system to a dual CEO structure. At that time, CEO Kim Ki-myeong was responsible for collaboration with the group, while CEO Kim In-su managed overall operations of Ssangyong Engineering & Construction.

This organizational change at Ssangyong Engineering & Construction is analyzed as a measure following management normalization, including performance improvement after the acquisition by Global SeAH. Ssangyong Engineering & Construction turned to a deficit in 2021 amid the spread of COVID-19 and posted an operating loss of 45 billion KRW in 2022, failing to return to profitability. However, last year, the company succeeded in turning a profit by resuming halted construction projects and diversifying its business.

CEO Kim In-su, who will now lead Ssangyong Engineering & Construction alone, is a construction expert who worked at Hyundai Engineering & Construction for over 40 years. He has served as president of Ssangyong Engineering & Construction since January last year and was appointed CEO in July. CEO Kim is known for emphasizing on-site management, transparent management, and responsible management. A Ssangyong Engineering & Construction official said, "This year, safety will be the top priority in all management activities, and following last year, we plan to actively pursue new market development as well as eco-friendly and renewable energy businesses."

Meanwhile, Ssangyong Engineering & Construction entered a workout procedure in March 2013 but was placed under court receivership at the end of that year after additional contingent liabilities were revealed during creditor due diligence. It was then sold to the Investment Corporation of Dubai (ICD) in the United Arab Emirates (UAE) before welcoming Global SeAH as its new owner at the end of 2022.

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