GS Holdings CEO Hong Soon-ki will become vice chairman while retaining co-CEO role as part of a leadership shake-up aimed at supporting diversification. Key retail and energy positions are also being restructured.
The decision follows GS Group Chairman Huh Tae-soo’s emphasis on “new technologies,” as the conglomerate seeks to diversify its portfolio into emerging fields with high growth potential.
GS Holdings logged 700 billion won ($536.6 million) in net profit for the third quarter, up 24.9 percent from a year earlier.
GS Holdings logged a net profit of 2.48 trillion won ($1.94 billion) for 2022, up 54 percent on year, despite a steep fall in earnings in the fourth quarter, weighed down by lower petroleum prices.
GS Holdings announced it will invest 21 trillion won ($16.5 billion) over the next five years to ensure future growth.
Four new CEOs were appointed at GS Holdings subsidiaries.
Bain Capital has sold its 42.9-percent stake plus convertible bonds in Kosdaq-listed Hugel, Korea's largest manufacturer of botulinum toxin.
GS Holdings reported a 205.8 billion won ($179.6 million) net profit in the second quarter, up 2,061 percent.
GS Group’s holding unit GS Holdings kicked off its biotechnology start-up accelerator program, dubbed “The GS Challenge,” with six selected start-ups on Thursday.
Doh Jung-hae was named CEO of GS Entec, and Yeo Eun-joo became CEO of GS Sports.
Korea JoongAng Daily Sitemap
