my timesThe Korea Times
jhkim

Kim Jae-heun

Korea Times Print Reporter

Go to Email

Read more

Companies

CJ Group chief calls on affiliates to draw up growth plans for 2023-2025

CJ Group Chairman Lee Jay-hyun, second row third from left, participates in his meeting with CEOs of affiliates at CJ Human Resource Center in downtown Seoul, Oct. 27. Courtesy of CJ GroupBy Kim Jae-heunCJ Group Chairman Lee Jay-hyun met with the CEOs of company affiliates three days after a group-wide personnel reshuffle, asking them to draw up growth strategies, the company said Friday. The gathering was held at CJ Human Resource Center in downtown Seoul, inviting CEOs of major affiliates and top executives from CJ Holdings.Lee called for rapid establishment of a global group strategy and its execution starting next year.“Whether we become a major player in the global scene or settle in the domestic market and face decline really depends on how we do between 2023 and 2025. It is important that we go back to basics and quickly build a plan that can put us in the forefront based on our corporate philosophy of Only One. The plan must be executed from 2023,” Lee said during the meeting on Oct. 27. The keys to Lee's plan are securing ability to bring about great change, acce

Oct 28, 2022By Kim Jae-heun
CJ Group chief calls on affiliates to draw up growth plans for 2023-2025
Companies

Homeplus offers fried shrimp at lower price

Homeplus' food menu developer Han Sang-in holds two fried shrimp products at the retailer's store in Gangseo District, Seoul, on Oct. 26. Courtesy of HomeplusBy Kim Jae-heunLocal retail chain Homeplus has introduced fried shrimp and chili-flavored fried shrimp as part of its price stabilization project, the company said Thursday. Homeplus has been introducing cost-effective food items since June 30 when it debuted Dang Dang Chicken, which has since sold over 1.02 million products as of Oct. 13. The large discount store caught consumers' eyes with its key principle that it only sells food that has been cooked on the same day. Considering that its stores are open 14 hours a day, Homeplus sold 14 food items per minute between June and October, not counting its closing days. Its new fried shrimp is sold for 9,990 won ($7.05) and its chili-flavored fried shrimp is priced at 10,990 won. The retail firm has been promoting cost-effective food items under its price stabilization project to cope with rising inflation. Homeplus has been offering the lowest prices for food items such as tofu, be

Oct 27, 2022By Kim Jae-heun
Homeplus offers fried shrimp at lower price
Companies

Starbucks Korea CEO sacked over series of blunders

By Kim Jae-heunStarbucks Korea CEO Sohn Jeong-hyunStarbucks Korea has appointed Shinsegae I&C CEO Sohn Jeong-hyun to lead Korea's largest coffee chain, replacing outgoing CEO Song Ho-seop who was criticized for his inadequate handling of a series of company mishaps, Shinsegae Group said Thursday.Sohn is facing a range of daunting tasks left by his scandal-hit predecessor, as he needs to improve the coffee chain's tarnished brand image and strengthen its competitiveness amid intensifying competition and soaring ingredient costs. Song was initially contracted to lead Starbucks Korea until 2025, but he was sacked three years early due to a series of blunders over the past year.The new CEO's top priority is to regain customers' trust, which suffered after its giveaway gift bags were found to contain formaldehyde, a class 1 carcinogen. His predecessor was criticized for not taking immediate action and for letting the problem grow out of hand, with some customers boycotting Starbucks products.Former Starbucks Korea CEO Song Ho-seopThe company then made an official apology and promised

Oct 27, 2022By Kim Jae-heun
Starbucks Korea CEO sacked over series of blunders
Companies

POSCO encourages cooperation in green steel era

POSCO Group Chairman Choi Jeong-woo gives an opening speech online at Hydrogen Iron & Steel Making Forum held in Fotografiska, Stockholm, on Oct. 12. Courtesy of POSCOBy Kim Jae-heunPOSCO held the second Hydrogen Iron & Steel making Forum (HyIS) in Fotografiska, Stockholm, on Oct. 12, the company said Thursday. HyIS is a forum where experts from the steel industry, raw material suppliers, engineering firms, academia and associations gather to discuss carbon-neutral strategies and sustainable growth in the steel-making industry based on hydrogen iron.The steelmaker hosted the world's first HyIS forum in Seoul last year, proposing cross-border cooperation and solidarity to speed up the realization of carbon neutrality. This year's HyIS forum was jointly held by POSCO and Swedish steelmaker SSAB after the company chairman Choi Jeong-woo met with Swedish Ambassador to Korea Daniel Bolven to propose co-hosting the event in February. POSCO expects that when the two companies with the most competitive technologies in hydrogen iron meet and cooperate, they will lead the eco-friendly

Oct 27, 2022By Kim Jae-heun
POSCO encourages cooperation in green steel era
Companies

Coupang launches rocket delivery service in Taiwan

A Taiwanese customer orders Korean products on Coupang's online shopping platform at her home in Taipei, Oct. 20. Courtesy of CoupangBy Kim Jae-heunKorea's largest e-commerce firm Coupang started its flagship rocket delivery service in Taiwan, the company said Wednesday. Millions of products directly purchased by Taiwanese will be delivered across the island country free of charge.Coupang said its business expansion in the East Asian country will be able to help many small and medium-sized businesses in Korea, which manufacture 90 percent of items available for the rocket delivery service in Taiwan. Coupang will handle most of the expenses and overseas sales process from logistics, customs clearance, import tax collection and last mile delivery in Taiwan and many companies are already taking advantage of this opportunity already. The e-commerce firm tested its rocket delivery service in Taiwan from June, selling over 5 million items varying from cosmetics, health food, baby goods, home appliances and household products. “We are constantly working to make life easier for people

Oct 26, 2022By Kim Jae-heun
Coupang launches rocket delivery service in Taiwan
Companies

Philip Morris Korea launches next-generation e-cigarette

Philip Morris Korea Managing Director Paik Young-jae speaks about the company's new IQOS ILUMA product during a press conference held at a hotel in Seoul on Oct. 25. Courtesy of Philip Morris KoreaBy Kim Jae-heunPhilip Morris Korea will launch a next-generation e-cigarette, the IQOS ILUMA, next month, the company said, Tuesday. The new product is equipped with a new type of tobacco heating system, which has no blades and does not require the device be cleaned. The Smartcore induction system adopted in the device does not burn tobacco but rather heats it inside to offer a consistent, quality smoking experience, leaving no residue after use.Also, when a customer uses the company's new stick-type tobacco item, the Terra Smartcore Stick, with IQOS ILUMA, the device functions automatically. “Philip Morris expanding its product portfolio by introducing various generations of IQOS products and continuously seeking innovative items is the key to our commitment to realize a 'smoke-free' future vision,” Jacek Olczak, a CEO of Philip Morris International, said.The IQOS ILUMA series

Oct 25, 2022By Kim Jae-heun
Philip Morris Korea launches next-generation e-cigarette
Companies

Convenience store owners at odds with gov't over plastic bag ban

A customer buys a self-test kit for COVID-19 at a convenience store in Seoul, on July 25. YonhapBy Kim Jae-heunConvenience store owners are expressing discontent over the government's decision to ban the sale of plastic bags on Nov. 24, arguing the move could hurt their businesses, according to industry officials Sunday. The stores will only be able to sell paper bags or standard plastic garbage bags approved by the Ministry of Environment. According to the ministry, selling disposable plastic bags at retail stores bigger than 33 square meters in size will not be allowed. As of 2020, there were 38,718 convenience stores bigger than the size subject to the law enforcement, which is 84 percent of overall stores in the country. Those who sell or provide plastic bags will be fined up to 3 million won ($2,086).The biggest concern for convenience store owners are squabbles they have to go through with customers over the new regulation.“I have been giving out free plastic bags for customers to carry their purchases until recently. But after the government decided to ban selling plasti

Oct 24, 2022By Kim Jae-heun
Convenience store owners at odds with gov't over plastic bag ban
Companies

FedEx Express appoints new Korea managing director

By Kim Jae-heunFedEx Express Korea Managing Director Park Won-binInternational express delivery company FedEx Express appointed Park Won-bin as the new managing director of its Korean branch, the company said Thursday. He will take over from the previous manager Chae Eun-mi, who led FedEx Korea for the past 17 years.“I am happy to work with excellent employees who strive to provide the best quality customer service. I look forward to continuing the company's positive momentum to create more possibilities for our customers and communities in Korea,” Park said. The new CEO played a key role in establishing an independent FedEx office at Incheon International Airport and launching the 77F route that connects the FedEx Hub to Incheon. He worked with the express delivery company for 10 years and left for one year before returning. “In order to fully utilize the potential of global trade opportunities, Korean companies are focusing on building smarter and more sustainable supply chains and efficient networks to prepare for the future,” Vice President of North Pacifi

Oct 21, 2022By Kim Jae-heun
FedEx Express appoints new Korea managing director
Companies

Big retailers agonize over CEO reshuffles amid business uncertainties

Shinsegae Department Store in Jung District, central Seoul / Korea Times fileBy Kim Jae-heunAhead of regular executive appointments scheduled for the end of this year, tension is rising internally at Korea's big three retailers: Shinsegae, Lotte Shopping and Hyundai Department Store.Starbucks Korea CEO Song Ho-seopCompanies have been agonizing over whether or not to keep their CEOs amid the current uncertain business environment caused by high inflation and the depreciation of the Korean currency against the U.S. dollar.Last year, Shinsegae conducted a reshuffle of its top executives during the first week of October. However, the retail giant has pushed this year's reshuffle to the end of October. What people are most curious about with Shinsegae is if Starbucks Korea CEO Song Ho-seop will continue to serve out his term next year, as the American coffee chain has recently been caught promoting giveaway picnic bags, which contain a cancer-causing agent. Song's term was originally contracted to end in 2025. Due to this incident, the CEO was summoned to a National Assembly audit session

Oct 20, 2022By Kim Jae-heun
Big retailers agonize over CEO reshuffles amid business uncertainties
Companies

Liquidation of Purmil blamed on CEO's incompetence

Purmil's headquarters in Youngdeongpo District, Seoul / YonhapBy Kim Jae-heunPurmil CEO Shin Dong-hwanPurmil CEO Shin Dong-hwan has taken the blame for the dairy product maker's recent liquidation, 15 years after its separation from Lotte Group. Shin, second son of company founder and Chairman Shin Jun-ho, took office in 2018, which is when Purmil started to see its business performance decline.The dairy firm showed 257.5 billion won ($180.5 million) in sales for 2017, but sales decreased every year to reach 180 billion won as of last year. The company's operating profit also went into a deficit of 1.5 billion won in 2018 and its losses widened to 12.4 billion won as of last year. Purmil Chairman Shin Jun-hoAn industry source from a local retailer points out that the younger Shin was too complacent, while local competitors such as Maeil Dairy, Seoul Milk and Yonsei Milk have been expanding their new milk products and seeking new growth engines in the health functional foods sector since early 2010.“At some point, Purmil's greatest selling point became its prices, not quality. T

Oct 20, 2022By Kim Jae-heun
Liquidation of Purmil blamed on CEO's incompetence
previous page
3637383940
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.