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Taeyoung Engineering and Construction Co. Ltd reportedly decided to sack 22 of its management executives as it undergoes debt rehabilitation. The job cuts will also include Yoon Se Young, the company's founding chairman.
Taeyoung E&C's chairman, Yoon Seok Min, son of Se Young, will also leave his post. They resigned as the company's board directors last month.
Taeyoung's Self-Rescue Plan
The remaining executives will have to take substantial pay cuts for three years. The goal is to trim down management expenses, costing the company hundreds of billions in Korean currency.
As per The Korea Times, Taeyoung Engineering & Construction is taking these steps as part of its self-rescue efforts and to do better under its corporate debt workout program. The company's primary creditor shared this information on Friday, April 19.
Moreover, the Korea Development Bank (KDB) said the measures being taken by the company are expected to lower its operating expenses by KRW96.9 billion or $69 million this year. The firm shared that its expenses last year totaled KRW126.4 billion.
Salary Reductions of Executives
Korea's Donga News reported that Taeyoung Engineering & Construction will cut the salaries of its presidents and similar high executives by 35%. Vice presidents' pay will be 30% less, while managing directors' pay will be 20% lower than their current pay. Lastly, assistant managing directors will receive a 10% pay cut.
"In addition to the reduction of executives, the founding chairman and chairman will also resign from Taeyoung Construction without receiving any wages," an official at Taeyoung Construction said. "As 22 of the 47 executives are leaving and this should be seen as a strong will to normalize the company."
A KDB official also commented on Taeyoung's moves, "Wage cuts are normal, but reducing the number of executives is quite severe. We believe Taeyoung is showing its will to innovate overall management."
Photo by: Taeyoung Website
