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GS Caltex names new co-CEO as part of major reshuffle

Published: 29 Nov. 2023, 19:02

SHIN HA-NEE
[email protected]

From left: GS Caltex co-CEO Kim Seong-min, GS Power CEO Yoo Jae-young, GS Entec CEO Jeong Yong-han and GS E&C CEO Huh Yoon-hong

GS Caltex, Korea’s major oil refiner, named Kim Seong-min its new co-CEO, as three other GS companies including GS Engineering & Construction (E&C) also appointed new chiefs.

The announcement was made Wednesday, with some 50 executives newly appointed or promoted, including four CEOs, as part of the conglomerate's largest-ever management reshuffle.

Kim, born in 1967, has been promoted as an executive vice president and co-CEO of GS Caltex. Kim will spearhead production at the company.

Yoo Jae-young, who has been serving as the chief financial officer at GS Caltex, was named CEO of GS Power, a power supplier.

GS Entec, a power plant equipment manufacturer, named Jeong Yong-han, who has been overseeing production at the company, as the new CEO.

GS E&C, a construction company, already announced Huh Yoon-hong as its new CEO in October. Huh is the son of Huh Chang-soo, the honorary chairman of GS Group.

Moreover, Huh Suh-hong, who is Huh Yoon-hong’s cousin and executive vice president of GS Holdings, has been named the head of GS Retail’s service unit to spearhead the retail company’s business strategy and new businesses.

While previous annual management reshuffles at GS usually covered about 30 to 40 people, the latest shake-up signifies the conglomerate’s stride toward making a generational shift and diversifying its business.

GS underscored its focus on research and development in new businesses and digitalization in its reshuffle announcement.

“The bigger the uncertainty grows in the business environment, the bigger focus you need to put on your customers,” GS Group Chairman Huh Tae-soo said, adding that “we need to change ourselves faster, with a focus on the customers, the field and the future.”

BY SHIN HA-NEE [[email protected]]