GS Group promoted Vice Chairman and CEO Huh Jin-soo of GS Caltex to the Chairman and CEO and CEO Sohn Young-ki of GS E&R, CEO Ha Young-bong of GS Energy and CEO Chung Taek-keun of GS to Vice Chairmen, the group said Nov. 29. Huh Yong-soo of the Huh owner family and vice president of GS Energy has been named as the CEO of GS EPS. He is the last grandson, the third generation of the owner family Huh. Hur Sei-hong, a son of Chairman Hur Dong-soo of GS Energy, has been transferred to take charge of GS Global. He is the first to head an affiliate of the group among the fourth generation of the family. Also promoted to CEO were Hong-Soon-ki, vice president of GS and Vice President Kim Yong-shik, also of GS.
Chairman Hur Dong-soo, who retired as the chairman of the board of directors of the group, will retain his title without the power to preside over the board. The group said the personnel moves were made based on performance results of each person centered around GS Caltex, the major affiliate of the group.
The special personnel moves are based on professionalism and a proven ability to advance projects, the group said.
Chairman Huh Jin-soo of GS Caltex took over from his cousin, Chairman Hur Dong-soo, in 2013 as the Vice Chairman and CEO of the oil refinery, getting a promotion within three years, consolidating his power as the top manager of the second largest oil refinery in Korea.
“Chairman Huh will now be able to exercise his full power as the top manager of the oil refinery now that he has been promoted to do so, out of the shadow of his predecessor.” said GS officials. The chairman entered the oil refinery in 1986 and has been working in the oil refinery and petrochemical sections of the company.
In the past three years, the chairman has been working on the oil refinery’s ability to adjusti to fast changes in crude oil prices, intensifying outside risk factors for the oil refinery. As a result for his reformative drive, the oil refinery is on the way to posting a record performance in its operation, proving the chairman’s managerial ability.
The oil refinery’s operating profit until the third quarter this year, at 1.409,4 trillion won, is up 28.5 percent year-on-year.
Huh Yong-soo, vice president of GS Energy, and a member of the owner family, has been named to take over the helm of GS EPS as CEO while Huh Sei-hong, vice president of GS Caltex, was named president of GS Global.
President Huh Yong-soo is the son of Huh Wan-koo, chairman of the Seungsan Group, while President Huh sei-hong is the son of Chairman Huh Dong-soo, who heads the board of directors of GS Group.
GS Group Chairman Huh Chang-soo called for an innovative future strategy during an executive meeting at GS Tower in Nonhyeon-dong, southern Seoul.
During this year's third quarter meeting, in which 150 executives of the group participated, Huh said the company should anticipate how market trends would shift for the next five to 10 years.
“We should question whether our current capacity will still be competitive in the future market.” said Huh. “Uncertainty in the global economy has prevailed for unstable exchange rates and low oil prices as well as the U.K.'s exit from the EU. The domestic economy is also experiencing difficulties with youth unemployment and the ongoing restructuring process in the debt-ridden heavy industries sector.”
Despite unfavorable external factors, Huh pointed out that the group should keep moving forward.
“We should concentrate on what we can do best, strengthening our fundamental technologies and adapting to rapidly changing market trends for survival.” he added.
Huh also ordered the group executives to strengthen the company's driving force for future strategies and put their utmost efforts on training future talents.
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