Value context and insight. lkm@koreatimes.co.kr
CJ group chairman's son promoted to lead food biz strategy
CJ Chief Global Growth Officer Lee Sun-ho
By Lee Kyung-min
By Lee Kyung-min
Lee Sun-ho, the only son of CJ Group Chairman Lee Jay-hyun, has been promoted to lead the group's food businesses and growth strategies, it said Monday. He will lead a division of CJ CheilJedang, the group's food ingredient manufacturing affiliate, as chief global growth officer (CGGO).
The role of the new CGGO will encompass strategy planning for the group's global food business, new investment and identifying new growth drivers, including the development of plant-based food products.
“Lee's contributions to fortifying the competitiveness of the group's future growth were largely recognized, as illustrated by the successful integration between the group's Korean entity and Schwan's Company, a leading U.S. food services firm,” the group said in a statement.
Other than the group heir, 44 CJ figures were promoted to executives as part of a personnel reshuffle at CJ Group announced two months earlier than usual.
CJ Olive Young CEO Lee Sun-jung
CJ Olive Young, a consumer goods manufacturing affiliate of the group, has named Lee Sun-jung to lead the firm.
Born in 1977, she will be the first female CEO of Olive Young and the youngest CEO of the group's affiliates.
Her predecessor, Koo Chang-gun, was promoted to CEO of CJ ENM, the entertainment affiliate of the group. Kang Ho-sung, Koo's predecessor, was in turn appointed co-CEO of CJ Holdings.
“The year 2023 will be the one in which the success or failure of the group will be determined, a period of extreme volatility due to the economic downturn and global uncertainties,” the group said.
CJ ENM CEO Koo Chang-gun
“We have moved up the announcement of the personnel reshuffle to prepare better for the future and set a medium- to long-term goal in a more agile manner.”
Kang will oversee external affairs including media relations, as well as other responsibilities to meet domestic and global market demand.
Koo is expected to continue his successful work, as illustrated during his term as CEO of CJ Olive Young and previously of CJ Foodville, the Western-style food service affiliate of the group.
CJ Olive Young under Koo's leadership registered a 13 percent year-on-year increase in sales to over 2.11 trillion won ($1.4 billion) last year, and an operating profit of 137.8 billion won, up 38 percent.
Most pressing for the group is the need for a turnaround in the earnings of CJ ENM. Its operating profit plunged to 105.2 billion won in the first six months of this year, down 41 percent year-on-year, despite a year-on-year increase in sales of 26 percent to 2.14 trillion won.
CJ Holdings co-CEO Kang Ho-sung
Monday's announcement will accelerate the implementation of the group-wide growth strategy through 2025. Most of the CEOs of the group's affiliates will be able to extend their terms and continue carrying out directives from the top.
The 44 new executives are 45.5 years old on average. The relatively young executives will, the group said, help the affiliates lead and push ahead with goal-driven projects.
“The new figures with extensive experience in business management and strategies will help us foster younger employees and bolster innovation, based on medium-term objectives, to lead future growth,” it said.