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JONBUR Research · Update note

You're reading an earlier report from Oct 20, 2026. See the latest report

Ecopro · 086520 · Holding companies

Ecopro Replaces CEO Song Ho-jun With Choi Sang-woon, Citing Management Efficiency

Why this report

Written after:

Ecopro's board replaced CEO Song Ho-jun with Choi Sang-woon on 2026-10-19, citing management efficiency. The change adds a leadership question to the earnings-recovery story but does not alter the reported financials.

Written Oct 20, 2026 · Data as of Oct 19, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

A filing dated 2026-10-19 shows the board changed the CEO the same day. Song Ho-jun was replaced by Choi Sang-woon. The stated reason is "improving management efficiency". All four outside directors attended the board meeting and none were absent. The filing gives no further explanation under other investment-relevant matters.

Mr. Choi was born in 1961 and holds 4,283 shares, or 0.0%. He has no stated relationship with the largest shareholder. His career, per the filing, includes branch manager at KB Kookmin Bank from 1982 to 2016, then joining Ecopro in December 2016, where he holds the title of president (사장). He is therefore an internal appointee, not an outside hire.

A related fair disclosure filing dated 2026-10-01 is referenced, but its content is not in the data we have. Another amended filing on acquisition of shares in another company was also filed on 2026-10-19, with no details available here. The shares closed at ₩90,400 on 2026-10-19, up 11.5% over one month. Headlines the same day mention EcoPro rising with secondary battery stocks, and no link to the CEO change is shown.

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Model estimate of fair value

Bear
₩17,490
-76%
Base
₩26,235
-64%
Bull
₩36,728
-50%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the sum-of-the-parts (net asset value) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 40%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 27, 2026Update noteModel fair value changeModel Fair Value Estimate for Ecopro Cut 22% to ₩20,352 Base Case
  2. Oct 20, 2026Update noteCEO / control changeEcopro Replaces CEO Song Ho-jun With Choi Sang-woon, Citing Management Efficiency
  3. Oct 13, 2026InitiationEcopro: Profit Recovery From a Loss-Making 2024-2025, With a High P/E and Active Capital Filings

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information