GS Group reshuffles 29 executives for year end

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GS Group reshuffles 29 executives for year end

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Twenty-nine executives were reshuffled at GS Group on Tuesday in a year-end shake-up that saw GS Home Shopping President and CEO Huh Tae-soo become a vice chairman in the nation’s eighth-largest conglomerate.

The energy and retail group said that 25 staff members were promoted, with 16 becoming executive directors.

In comparison, GS Group reassigned 44 executives last year, 29 of which were appointed as executive directors.

Its largest executive reshuffle was in 2012, when 49 were promoted or reassigned.

“For this year-end executive reshuffle, we tried to maintain stability in the operation of the organization and maximize sales and efficiency in the group’s main business,” GS Group said in a press release Tuesday.

“We also actively conducted an executive transfer between affiliates in order to boost synergy and counteract a rapidly changing business environment.”

The most notable appointment was Huh becoming a vice chairman.

The 57-year-old is the youngest brother of GS Group Chairman Huh Chang-soo, who also leads the Federation of Korean Industries.

“Huh has led GS Home Shopping since 2007, and despite a tough business environment, he managed to maintain the No. 1 position with global competiveness,” the group said in its statement.

“Recently, he tried to boost the company’s capability by upgrading mobile commerce, exploring overseas markets for its home shipping channel and changing corporate culture.”

Some CEOs were moved between affiliates in the restructuring.

The conglomerate said GS Global CEO and President Jung Taik-keun, 61, will become CEO of GS Corp., the group’s holding company.

“Jung is expected to safely run GS Corp. as he has abundant knowledge and experience in various areas, including sales, planning and finance,” the group said.

Jung will replace Vice Chairman Suh Kyung-suk, who has led the holding company for the past 10 years. The group said that although the 67-year-old is stepping down, he will still work as an adviser.

Following Jung’s departure, GS Group said GS EPS President and CEO Lee Wan-kyoung will fill his position as CEO of GS Global.

Lee, 60, is known for having a strong financial background and recognized for his contribution to expanding the company’s power generation business.

Hae Yang City Gas CEO and Managing Director Koh Choon-seok will be promoted to vice president of the affiliate and become CEO of GS EPS. Koh’s position will be filled by GS Caltex Vice President Kim Myung-hwan.

The reshuffle will be officially confirmed after each affiliate holds a board meeting.

GS Group claims the reorganization was based on the needs of each affiliate. For instance, the group said GS Energy’s executive reshuffle was focused more on selecting young talent and boosting its R&D capabilities.

The reallocation of GS Retail’s executives, on the other hand, was targeted at improving its convenience store sales.

BY JOO KYUNG-DON [kjoo@joongang.co.kr]

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