South Korea’s DB Group restructures businesses, reshuffles executives

Kim Jeong-nam and Koh Won-jong [Source : DB Group]

South Korea’s DB Group restructured its businesses in insurance, financial and manufacturing and named new executives to create synergy among its affiliates.

DB Group announced Monday that it rearranged its corporate structure into insurance, financial and manufacturing service groups and appoirhdnnted new heads of these divisions and named new chief executive officers of major affiliates. The group-wide change is the first reshuffle since Chairman Kim Nam-ho took office in 2020.

Vice Chairman Kim Jeong-nam will lead the insurance business. He has led DB Insurance as CEO since 2010. Vice Chairman Koh Won-jong will represent the financial business, recognized for his leadership at DB Financial Investment Co. since 2010. DB HiTek Co. CEO Choi Chang-sik will step down and work as chief technology officer for the conglomerate’s semiconductor business. Cho Gi-seok has been named as co-CEO to head DB Hitek’s foundry business, while Hwang Gyu-cheol will oversee the brand division.