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(Seoul=Yonhap Infomax) Dong Il Joo = Shindongah Engineering & Construction, which recently exited court receivership, has reappointed second-generation owner Kim Se-jun as CEO in a move aimed at normalizing management.
Kim Se-jun was first named co-CEO alongside his father, Chairman Kim Yong-seon, at the end of December last year. However, he stepped down in January after the company filed for court receivership. With Kim Se-jun’s return as CEO, Chairman Kim Yong-jun, who has led the company since, has relinquished management control.
According to industry sources on the 24th, Shindongah Engineering & Construction appointed Kim Se-jun (born 1984) as CEO on the 20th of last month. On the same day, his father, Chairman Kim Yong-seon (born 1952), resigned from the CEO post.
The company stated, “Kim Se-jun originally served as co-CEO with Chairman Kim Yong-seon, but after entering court receivership, Chairman Kim took sole charge. With the completion of the receivership process, we are empowering a younger CEO in line with the company’s vision and direction to drive management normalization.”
In fact, Kim Se-jun first assumed the CEO role on December 26 last year, serving as co-CEO with Chairman Kim. However, after the company filed for court receivership on January 6 this year, he resigned three days later on January 9.
At the time, industry observers speculated that Kim Se-jun would serve as the “existing management administrator” during the receivership period, but Chairman Kim Yong-seon, who had long led the company, took the helm instead.
After nine months under court receivership, the company’s rehabilitation process ended on the 1st of last month, marking the start of management normalization. On the 30th of last month, the company also relocated its headquarters from Yongsan-gu to Gangdong-gu in Seoul.
The former Yongsan office site is included in the Seobinggo Station area development project and is planned to be leveraged as a future growth driver following redevelopment.
Founded in 1977 as an affiliate of the Shindongah Group, Shindongah Engineering & Construction gained prominence after constructing the 63 Building, then South Korea’s tallest building, in 1985. In 2001, it was acquired by Ilhae Construction, then led by Chairman Kim Yong-seon.
According to last year’s consolidated audit report, Chairman Kim Yong-seon holds a 66.75% stake in the company, CEO Kim Se-jun owns 12.76%, and Ilhae Construction holds 18.94%. In this year’s Ministry of Land, Infrastructure and Transport construction capability assessment, the company ranked 68th.
diju@yna.co.kr
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