November 26, 2024

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From left: Kim Seong-min, CEO of GS Caltex, Yoo Jae-young, CEO of GS Power, Cheong Yong-han, CEO of GS Entec, and Huh Yoon-hong, CEO of GS Engineering and Construction (GS Group)

GS Group, the South Korean energy, retail and construction conglomerate, on Wednesday said it promoted 50 executives across its affiliates, the most the group has carried out in its annual reshuffle since its establishment in 2005.

The promotions include Kim Seong-min, new CEO at GS Caltex, Yoo Jae-young, CEO of GS Power, and Cheong Yong-han, CEO of GS Entec. Kim, along with Hur Sae-hong, the incumbent CEO of GS Caltex, will serve as independent heads of the oil refiner.

GS Group last month appointed Huh Yoon-hong, the son of GS Group honorary chairman Huh Chang-soo, as the CEO of GS Engineering and Construction.

With Wednesday’s reshuffle, GS Group has replaced four CEOs at its affiliates. South Korea's eighth-largest conglomerate usually promotes around 30 to 40 executives every year.

GS Group said the big reshuffle will accelerate the conglomerate’s new businesses through ramped-up research and development and digital transformation as the newly promoted personnel bring expertise and plenty of on-site experience.

“As the uncertainties surrounding the business environment grow, it’s a moment where the focus for customers is needed more,” said Huh Tae-soo, GS Group chairman and the younger brother of Huh Chang-soo.

“Placing customer expectations of GS as the top priority, we need to strengthen all our businesses and put them more centered on customers based on expertise and basic skills.”

By Kan Hyeong-woo  (hwkan@heraldcorp.com)