Daewoo Engineering & Construction is pursuing a leadership change to secure management stability and new growth engines. With record-breaking performance in the first half of this year and major management tasks ahead in the second half, including large-scale order intake, the company plans to focus on business continuity and organizational stability through this generational change.

◆ CEO Kim Bo-hyun Steps Down After Leading Management Normalization Amid Strong First-Half Performance Daewoo E&C reported an operating profit of 487.9 billion won in the first half of this year, a 109% increase compared to the same period last year. Net income also surged significantly from 15 billion won to 363 billion won, marking a notable improvement in performance. Revenue stood at 3.9949 trillion won, a slight decrease of 8.2% compared to the same period last year (4.35 trillion won).

Meanwhile, CEO Kim Bo-hyun recently expressed his intention to voluntarily resign ahead of the expiration of his term. This decision comes about four months after he was reappointed as an inside director in late March, securing a three-year term.

The company explained that Kim had fully fulfilled his role and respected his decision to step down, judging that new leadership was needed to respond swiftly to the changing external environment.

Kim is the son-in-law of Jung Chang-sun, chairman of the Jungheung Group, and the brother-in-law of Jung Won-ju, chairman of Daewoo E&C. He served as the head of the acquisition team during the Jungheung Group's acquisition of Daewoo E&C in 2021, overseeing practical operations. He later served as an inside director and executive vice president of Daewoo E&C before being appointed CEO in December 2024. During his tenure, he focused on proactive risk management and profitability-oriented management.

◆ Lee Kang-seok, Who Led M&A TF, Promoted to Vice President and Named Successor CEO Candidate Lee Kang-seok, head of the External Cooperation Division, has been nominated as the successor CEO candidate. Daewoo E&C plans to promote Lee from his current position of managing director to senior managing director and then recommend him as the next CEO candidate.

Lee, born in 1971, graduated from Incheon University and joined Daewoo E&C in 1996. He is a key talent who has grown through various roles in sales and external cooperation. He has held diverse positions, including general affairs team leader and management support office director. In particular, he led the M&A task force during the Jungheung Group's acquisition of Daewoo E&C, supporting the company's integration into the group.

◆ Goal of Minimizing Management Vacuum... Early Personnel Decisions The CEO replacement will be finalized through a board resolution and a shareholders' meeting. Daewoo E&C plans to follow a sequential process: confirming the CEO candidate at a board meeting, electing the candidate as an inside director at the shareholders' meeting, and then appointing the candidate as CEO through a subsequent board resolution.

The company intends to expedite the timing of the new CEO's appointment compared to previous years and swiftly carry out organizational restructuring and follow-up personnel decisions to minimize any management vacuum.

A company official stated, "This generational change is part of an effort to introduce younger and more dynamic leadership to respond swiftly and flexibly to the rapidly changing business environment," adding, "Through this leadership transition, we will push forward with key projects in the second half without disruption and simultaneously secure management stability and growth momentum."