Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Dongwon founder quits, hands over power to son
Dongwon Group chairman and founder Kim Jae-chul, center in front raw, poses during the group's 50th anniversary event at Dongwon Leaders Academy in Icheon, Gyeonggi Province, Tuesday. He announced his retirement. / Courtesy of Dongwon Group
By Baek Byung-yeul
By Baek Byung-yeul
Dongwon Group chairman and founder Kim Jae-chul
Dongwon Group chairman and founder Kim Jae-chul has wrapped up his 50-year career in fisheries with the 84-year-old chief announcing his retirement Tuesday.
“I will step down from the chairman's post, counting on our employees' capabilities and watch and root for your performances,” Kim said during the group's 50th anniversary event at Dongwon Leaders Academy in Icheon, Gyeonggi Province.
Kim started Dongwon Industries in 1969 and has grown it into Korea's largest deep-sea fishing company. He expanded the business to the food industry by establishing Dongwon Food in 1981 and introduced the country's first canned tuna product the following year. More than 6.2 billion Dongwon canned tuna products have been sold.
The group has been involved in many fields such as food processing and distribution, marine logistics, packing material and construction.
“When Dongwon was established in 1969, mankind first stepped foot on the Moon. While advanced countries challenged the Moon landings, Dongwon cast a fishing rod waiting for tuna to take the bait. But after working hard by the sweat of our brow, Dongwon is now leading in the primary, secondary and tertiary industries,” he said.
“Dongwon made inroads into the overseas market and now has some 20,000 Dongwon family members here and abroad. This is the result of the blood-sweating work of former and current family members of Dongwon.”
Kim's announcement to retire as chairman is the result of much thoughtful consideration ahead of the group's 50th anniversary, the group said.
Dongwon explained he decided to retire as he has fulfilled his responsibilities as a founder and he is looking to give more chances to the younger generation.
The firm said Kim is expected to have an advisory role. It added his second son Nam-jung will take control of the group as the 46-year-old will be promoted from his current post as vice chairman.
Dongwon Enterprise, the holding company of the group will continue to work as a control tower of the group's business strategy with the chief executives of each subsidiary acting independently.