Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Coupang’s top executive extends term on robust earnings
The logo of local e-commerce giant Coupang outside its headquarters in Seoul, in this 2021 photo. Korea Times file
By Lee Yeon-woo
CEO of Coupang Kang Han-seung / Courtesy of Coupang
Coupang reappointed CEO Kang Han-seung for another term, three years after his initial appointment in November 2020. Kang's leadership in attracting substantial investment and driving robust performance during economic downturns was considered a key factor in his reappointment.
With this decision, Kang's term is now extended until November 2026. He is currently serving as both the chairman of Coupang's board of directors and the representative director of business management.
"Kang has been instrumental in leading the company's innovative growth in the distribution industry and overseeing its listing on the New York Securities Exchange. He has also significantly contributed to supporting small and medium-sized enterprises (SMEs) and promoting balanced regional development," the company noted.
Coupang's robust performance since the third quarter of 2022, which includes achieving its highest-ever quarterly revenue of 8.1 trillion won ($6.2 billion) and an 11 percent increase in operating profit to 114.6 billion won, is considered the key reason for Kang's reappointment as CEO.
Kang also played a pivotal role in raising substantial capital and spearheading the expansion of the company's domestic logistics network. The company invested $1.2 billion in 2021 and an additional $700 million in the following year in its logistics centers. His extensive background and network in the legal industry played a significant role in successfully securing these investments.
Another accomplishment is the focus on revitalizing small and medium-sized enterprises (SMEs) and local economies. In 2021, the company set up a 400 billion won fund to bolster the digital market presence of small businesses, including farmers and those in the fishing industry, nationwide.
There is some speculation that among the executives of the top three retail companies, Kang might be the only one to secure reappointment this year.
Shinsegae and E-mart have faced stagnation in their quarterly financial performance and have recently responded by replacing 40 percent of their executive team. Additionally, there are expectations that Lotte Shopping might implement changes to its executive lineup before the end of the year, indicating a broader trend of executive reshuffling in the industry.