Huh Byung-hoon takes over Shinsegae E&C in major company restructure

Industry

Published: 03 Apr. 2024, 17:36

Huh Byung-hoon takes over Shinsegae E&C in major company restructure

Shinsegae Group Chairman Chung Yong-jin visits the funeral altar provided for the late Hyosung Honorary Chair Cho Suck-rai at the Sinchon Severance Hospital in western Seoul on Monday. [NEWS1]

Shinsegae Group reshuffled the high-level executives of group’s struggling construction arm, in its first restructuring since former Vice Chair Chung Yong-jin was promoted to chairman last month.

The group designated Huh Byung-hoon, currently vice president of the management strategy division, as the new CEO of Shinsegae E&C, a position previously held by Chung Doo-young.

Shinsegae also replaced the head and manager of its sales team.

Newly appointed Shinsegae E&C CEO Huh Byung-hoon [SHINSEGAE]

Huh, born in 1962, joined Samsung in 1988, where he held various roles in finance including that of chief financial officer (CFO) for Samsung C&T’s North America division.

He moved to Hotel Shilla in 2011, where he served as CFO and head of management support, before joining Shinsegae Group in July 2018. He has held various positions at that company including general manager of support, head of department store planning and head of finance in the strategy division.

Shinsegae E&C has been moving to address liquidity shortage concerns. The group recently acquired a resort near Youngrang lake in Sokcho, Gangwon, issued corporate bonds and sold off its leisure sector to Josun Hotels & Resorts.

Huh is expected to work on pre-emptive measures to hedge against potential risks and decrease the company’s debt ratio. He will also be tasked with generating more long-term lucrative projects.

Meanwhile, Chairman Chung, famous for his frequent communication with the public through social media, went AWOL from the channels after his promotion and turned most of his posts private, indicating a renewed focus on the company's management.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]