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The Korea Herald
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THE INVESTOR
July 16, 2024

Market Now

CJ appoints two new CEOs for group's core companies

  • PUBLISHED :February 18, 2024 - 09:09
  • UPDATED :February 18, 2024 - 09:10
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Newly appointed CJ CheilJedang CEO Kang Sin-ho (left) and CJ Logistics CEO Shin Young-soo (CJ Group)

CJ Group has named two new CEOs to lead its key units -- CJ CheilJedang and CJ Logistics -- as part of its annual personnel reshuffle announced on Thursday.

Kang Sin-ho, currently the CEO of CJ Logistics, has been promoted to vice chairperson of CJ CheilJedang and will assume the role of CEO at the food company.

Shin Young-soo, who presently oversees CJ Logistics' Korea business division, will replace Kang to take the helm as CJ Logistics CEO.

This marks the first time since 2017 that CJ Group's annual executive restructuring, typically conducted from November to December, has extended into the new year.

Having yielded a sluggish performance last year, CJ Group Chairperson Lee Jae-hyun has long been deliberating over selecting the right people for the top positions, according to industry sources.

Kang Sin-ho's promotion as vice chairman represents a milestone in the group's history, as he is the first member to have risen through the ranks via open recruitment since joining the company in 1988.

Over the years, Kang has held pivotal roles within CJ Group, including leading the human resources team, serving as CEO of CJ Freshway and overseeing CJ CheilJedang's food business division. He served as CEO of CJ CheilJedang for one year before assuming the role of CEO at CJ Logistics in late 2020.

Under his leadership, CJ Logistics recorded a record operating profit of 480.2 billion won ($350 million) last year. Kang has earned acclaim for restructuring major business units and enhancing organizational culture.

As Kang transitions to his new role, Shin Young-soo, who is set to become CJ Logistics' CEO, has garnered a reputation for pioneering a progressive business model in the parcel delivery and e-commerce sectors. Shin's leadership saw CJ Logistics' Korea business division achieve unprecedented success last year, including the successful launch of the O-NE brand.

CJ Freshway's CEO, Jeong Seong-pil, Olive Young CEO Lee Sun-jung, and CJ Foodville CEO Kim Chan-ho will maintain their current positions. In the entertainment sector, CJ ENM CEO Koo Chang-geun and CJ CGV CEO Heo Min-hoi will also remain in their roles.

Despite CJ ENM posting a consolidated operating loss of 14.6 billion won last year, industry experts observe signs of recovery as its OTT streaming service TVing and its global content studio Fifth Season demonstrate improvement. Similarly, CJ CGV recorded an annual profit last year for the first time since the onset of the pandemic.

In Friday's reshuffle, the group has appointed 19 new management leaders, representing a significant decline from the 44 new management leaders appointed the previous year. Among the newly appointed managers, seven were born between 1980 and 1990, reflecting the company's intent to introduce a younger cohort into leadership roles.

By Kim Hae-yeon (hykim@heraldcorp.com)

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