Global Sae-A conducts reshuffle at Ssangyong E&C
Global Sae-A Group's headquarters in Seoul, left, and Ssangyong E&C's headquarters in Seoul / Courtesy of Global Sae-A Group
Global Sae-A and Ssangyong E&C CEO Kim Ki-myung
By Park Jae-hyuk
Global Sae-A Group replaced Ssangyong E&C CEO Kim Seok-joon with Global Sae-A CEO Kim Ki-myung, who will maintain his position as the head of the holding firm of Sae-A Trading, an OEM clothing manufacturer, the group said Monday.
The announcement was made a few days after the group completed the acquisition of the builder from the Investment Corporation of Dubai (ICD).
Last Thursday, Global Sae-A Group said it appointed the new directors of Ssangyong E&C at an extraordinary general meeting of the builder's shareholders. The group refused at that time to disclose which people were appointed as the new directors, but there were rumors that the builder's new owner dismissed a majority of the construction firm's executives.
The rumors eventually turned out to be true, as Ssangyong E&C's executives were replaced with Global Sae-A Group executives and outside experts.
While the new CEO of Ssangyong E&C will continue to serve as the CEO of Global Sae-A, Sae-A Trading Vice President Shim Chul-shik was also allowed to concurrently serve as the Ssangyong E&C executive in charge of supporting the builder's management. In addition, former Hyundai E&C Vice President Kim In-soo was hired as the new president of Ssangyong E&C.
“The new Ssangyong E&C CEO is a businessman who has shown his excellent management capability by contributing to the group's growth,” a Global Sae-A Group official said. “He was appointed the Ssangyong E&C CEO, as he is expected to maximize the synergy effect between Ssangyong E&C and Global Sae-A Group and to stabilize the builder's finance, contributing to its growth.”
The official added that the outgoing Ssangyong E&C CEO will stay at the company.
The 69-year-old is the second-oldest son of late Ssangyong Group founder Kim Sung-kon. He has managed the builder since he was appointed as its CEO in 1983.
Industry officials expect him to continue supporting Ssangyong E&C's growth by capitalizing on his personal network. He is known as the person who enabled the construction firm to win the order to build the Marina Bay Sands in Singapore.