DB HiTek CEO and president Choi Chang-sik has been promoted to vice chairman, DB Group said.
Choi, born in 1954, graduated from Seoul National University with Mater and Bachelor degrees in Material Engineering and joined DB Metal. He then moved to Samsung Electronics and worked there for 29 years, becoming Foundry Center Chief of System LSI division. He joined DB HiTek in 2012.
Before Choi took over, DB HiTek has been in the red for 10 straight years. Within two years of him taking the helm, the company posted 45.6 billion in annual operating profit in 2014. The company has been profitable every years since then. His promotion is likely from this achievement, people familiar with the matter said.
Meanwhile, DB Group also promoted head of management and planning Koo Kyo-hyung, DB Life Insurance research director Lee Sung-taik and DB Insurance CEO and president Kim Jeong-nam as vice chairmen.
DB Metal executive vice president Kim Kyung-deok was also promoted to CEO and president. DB Insurance executive vice president Jung Kyung-soo was also promoted to president. DB Inc. real estate business president Chung In-hwan was promoted CB World CEO and president.