Retailers appoint new CEOs for business transformation

By Kwak Yeon-soo

Shinsegae CEO Cha Jeong-ho

Shinsegae Group and Hyundai Department Store Group have announced a slew of management changes in order to actively respond to future trends and accelerate business transformation.

On Friday, Shinsegae Group named Cha Jeong-ho, Shinsegae International CEO, as the new CEO of Shinsegae.

Under Cha's leadership, Shinsegae will carry out a variety of business reform activities by adding home furnishing division and dividing food and housing goods categories.

Meanwhile, Jang Jae-young, Shinsegae CEO, will lead the fashion and lifestyle company Shinsegae International.

“The latest personnel reshuffle was carried out based purely on performance,” Shinsegae Group said in a statement. “We sought for change and innovation as the company lies in a critical period for readjustment.”

Hyundai Department Store CEO Kim Hyung-jong

Another retail giant Hyundai Department Store Group appointed Kim Hyung-jong as the new CEO, replacing Park Dong-woon.

Kim joined Hyundai Department Store in 1985, and has served various roles in the company before he was promoted as CEO of Handsome, the fashion subsidiary of the department store chain, in 2012.

He will be in charge of expanding offline stores as well as reinforcing the duty free business as a new growth engine.

Yoon Ki-cheol, vice president at Hyundai Department Store, has been named the new CEO of Hyundai Livart furniture company, replacing Kim Hwa-eung.

Kim Min-duk, vice president at Handsome, has been promoted to CEO of the fashion unit.

Hyundai Department Store Group said the management shuffle reflects its vision to prepare for the future and set the ground for stable management.

“We felt the need to respond more actively to emerging trends,” the company said in a statement. “We expect that newly appointed CEOs would bring the company growth and stabilization in the future.”