GS Holdings president promoted to vice chair in shake-up aimed at diversification

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GS Holdings president promoted to vice chair in shake-up aimed at diversification

Published: 27 Nov. 2024, 18:33

SHIN HA-NEE
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GS Holdings CEO Hong Soon-ki

GS Holdings CEO and President Hong Soon-ki will become the company's new vice chairman in its latest annual leadership shake-up as the energy and retail conglomerate seeks new growth engines to mitigate against a rapidly shifting utilities sector.

Hong, who has helmed the group since 2020 alongside Chairman and co-CEO Huh Tae-soo, will retain the position of co-CEO while continuing to oversee finances and corporate operations as the group’s sole vice chairman in support of Huh’s ongoing diversification drive into new businesses.

GS Retail incoming CEO Hur Suh-hong

The 65-year-old, who joined GS Group in 2004 when the conglomerate first separated from LG Group, served as a chief financial officer of GS Holdings from 2010 to 2020, taking charge of the group's finances and administrative management.

Hong's promotion will take effect starting Jan. 1, next year.

In the retail segment, GS Retail Vice Chairman and CEO Huh Yeon-soo will retire, with Hur Suh-hong, the current head of corporate strategy, investment and finance, set to replace him as previously reported. The outgoing CEO is the third-generation descendant of late GS Group founder Huh Man-jung, while the incoming chief executive is a 47-year-old fourth-generation heir.

Among energy subsidiaries, GS E&R CEO Kim Seok-hwa was appointed the new chief executive of GS EPS, a power supplier. GS E&R Vice President Kim Sung-won will succeed the outgoing CEO.

BY SHIN HA-NEE [[email protected]]