Daewoo E&C has appointed Baek Jeong-wan (currently head of the Housing and Construction Division) as the new CEO. After the Jungheung Group's takeover of Daewoo E&C is completed, Baek will be officially appointed through a resolution by the board of directors. Daewoo E&C announced that the new CEO Baek was appointed as the right person to strengthen business competitiveness and establish mid- to long-term strategies to preoccupy the future market, as well as to stabilize the organization following the takeover. Since November 2018, he has served as the head of the housing construction business division. He has been recognized for his competence by leading the housing business of Daewoo E&C, which is achieving the highest performance ever.