Aekyung reshuffles its management

Industry

Aekyung reshuffles its management

Published: 24 Jul. 2017, 21:00

Chae Dong-seok

Aekyung Group, a Korean conglomerate with businesses ranging from chemical production to airline operations, carried out a company-wide reshuffle on Monday to streamline its operations.

The company removed an extra layer of management by moving the heads of its business divisions to chief executive roles.

Under the old system, the group categorized its 43 affiliates under three business divisions: airlines and consumer goods, chemicals, and retail.

After the reshuffle, Chae Dong-seok, who led the retail business unit, will be CEO of affiliate Aekyung Industrial. Ahn Yong-chan, who led the airline business unit, will be CEO of the group’s low-cost carrier, Jeju Air.

Ahn Yong-chan

“The reshuffle is to enhance management efficiency and transparency,” the company said in a statement. “We are going to develop communication and cooperation among affiliates and promote responsible management by the CEOs.”

The executives will take their new positions starting Aug. 1.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]