Daewoo E&C to retain CEO Seo

Daewoo Engineering & Construction CEO Seo Jong-uk was reappointed to the post for a three-year term, the firm said Wednesday.

The nation’s fourth-largest builder said it held general and board meetings Tuesday and made the decision, despite recent changes it has undergone.

It was acquired by Industrial Bank of Korea late last year. IBK currently holds 50.8 percent of the firm’s share. 

Upon being reappointed, Seo pledged to reinforce the firm’s overseas business to boost domestic market share.

The builder is aiming to post 7.2 trillion won ($6.4 billion) in sales and 374 billion won in operating profit this year, he said. It is also targeting 14 trillion won in new orders and plans to provide 15,000 new homes in the country this year, he added.

Seo said Daewoo E&C particularly aims to win overseas orders of 5.3 billion won in 2011, up 56 percent from 3.4 billion won last year.

“We are targeting the power station and gas plant market in countries such as Nigeria, Libya, Algeria, Morocco and Papua New Guinea,” said Seo. The firm will step up efforts to tap emerging African and South American markets as well, he added.

To build up an overseas presence, the builder will enhance its engineering sector by collaborating with major Japanese and U.S. companies, and hire about 300 new employees, Seo said.

By Koh Young-aah (youngaah@heraldcorp.com)