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| Nature Republic CEO Jung Woon-ho has resigned from his position in the wake of the recent corruption scandal. /The Korea Times |
By Lee Jin-a
Nature Republic CEO Jung Woon-ho stepped down on Tuesday amid a widening corruption investigation into him and his aides, including former or incumbent prosecutors.
The company's senior director, Kim Chang-ho, was named new CEO, taking responsibility to save the scandal-ridden cosmetics company that is struggling with declining sales.
"After considering many ways to stabilize the firm, we decided to appoint Kim as our new CEO because he is familiar with our brand philosophy and inside affairs," the company said.
Jung, 51, was known as a self-made man in the cosmetics industry. He was named CEO of Nature Republic in 2009 and made it into a major player in the mid-priced market.
He was sentenced to eight months in prison in April on charges of illegal overseas gambling. He was thrown into deeper trouble after prosecutors found that he allegedly hired a judge-turned lawyer to influence the prosecution and the court dealing with his cases. Jung is also suspected of having lobbied police officers and prosecutors through brokers to cover up other criminal cases.
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