Taeyoung Construction, Functional Organization Restructuring... "Accelerating Management Normalization"

by Roh Kyungjo

Published 06 May.2024 14:37(KST)

TY Holdings of Taeyoung Group and Taeyoung Construction announced on the 6th that they will implement organizational restructuring and personnel appointments starting from the 7th.

Taeyoung Construction Headquarters, Yeouido, Seoul / Photo by Yongjun Cho jun21@

This organizational restructuring aims to facilitate the swift normalization of Taeyoung Construction's management and the smooth promotion of its workout process. The existing structure of 5 headquarters, 1 office, and 33 teams will be changed to 5 headquarters, 2 offices, and 24 teams, with the establishment of an Audit Team and a Risk Management (RM) Team, and the Legal Team being promoted to the Legal Office.

In particular, the focus was on addressing management gaps such as profitability that occurred when the existing Architecture Headquarters, Civil Engineering Headquarters, Development Headquarters, and NE Business Headquarters handled everything from order acquisition to execution within each business division.

Additionally, the organization was reclassified based on functions rather than by job groups such as civil engineering and architecture to enable role sharing. The order acquisition function was reorganized under the Technical Sales Headquarters, execution under the Site Management Headquarters, and development under the Investment Business Headquarters. Cross-verification of business feasibility is conducted by the Operations Headquarters, which is responsible for 'execution estimates.' Through this, risk management and profitability checks are institutionalized via checks and balances.

Furthermore, the newly established RM Team plans to oversee not only appropriate levels of project financing (PF) business and risk management at the business unit level but also enterprise-wide risks and establish order acquisition principles.