SEOUL, KOREA - Petrochemical company GS Caltex has commenced on a large-scale restructuring measure on May 23 that included a 15-percent cut of executive payrolls and major organizational reshuffling. The company has also consolidated its petrochemical and lubricant business units into one. Vice president Huh Se-yong was appointed as head of the newly unified unit, with the closure of the management support division.

 

As a result, the whole company's headquarters divisions was reduced to seven from the current five, while the number of executives to 50 from 59. The company has also appointed Chung Won-heon (current head of metropolitan area retail business) as head of the oil refining business unit. Senior executives Lee Du-hee and Kwon Hyuk-kwan have been transferred to integrated production unit head and production support unit head, respectively.

 

GS Caltex has also created a new post of chief safety officer and appointed Kim Myung-hwan (vice president in charge of external affairs) as the first CSO.