GS Group conducts annual executive shake-up

GS Group, the nation’s eighth-largest conglomerate, conducted an annual reshuffle of executives yesterday, which saw most of the executives at GS Engineering & Construction get replaced.

In this year’s executive reshuffle, two moved up to a vice president position, while 10 were promoted to executive managing directors and 29 were newly appointed as managing directors, GS Group said.

Among promoted executives, 22 were working for GS E&C, the nation’s sixth-largest builder, which suffered huge losses this year. GS Group said that the reshuffle would help the company escape from the slump, which was caused by unprofitable overseas projects.

Among promoted employees, GS E&C’s Lee Kyong-sook became the first female executive for the company after working there for 23 years. GS Group now has three female executives, with the two others in GS Caltex and GS Home Shopping.