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| Park Eun-sang WeMakePrice CEO |
The head of WeMakePrice has decided to tighten his grip on the management of the country's leading e-commerce site by relieving his two deputies of their duties following their widely-publicized quarrel.
The company said Tuesday CEO Park Eun-sang will assume a larger managerial control by directly overseeing product development, marketing and other departments to create greater synergy among different units.
It also plans to run its organization more flexibly to save costs and nurture new businesses amid the rapidly-changing market environment.
The latest decision came several weeks after the firm's two vice presidents who oversaw product development and marketing engaged in a heated squabble while discussing business matters over dinner.
"Each division operated on its own under each director from last December to October. But effective Nov. 1, we decided to place all units under the direct control of the CEO," a WeMakePrice official said. "This change to our organizational structure will help facilitate speedy management and offer a differentiated and price-competitive shopping platform for customers."
The official said the two vice presidents; surnamed Lee and Ha, will be given the task of developing new business models, which used to be CEO Park's job.
Last month, Lee and Ha clashed over a range of business issues while having dinner. The verbal squabble did not develop into a physical confrontation as the two were restrained by other employees at the scene.
Following the incident, WeMakePrice suspended them from their duties while giving the CEO authority to oversee day-to-day operations.
"It is true the two vice presidents remain on the sidelines. But they have not been officially suspended or reprimanded for the incident," the official said. "The two will soon return to work but for now, the CEO has come to the front and is in charge of management."
She said WeMakePrice is making every effort to prop up its bottom line. "We are doing everything we can to reduce operating losses this year. In 2018, we cautiously project the company may be able to reach the break-even point."
In 2016, the company posted a 63.6 billion won ($56.8 million) operating loss, down from 142.4 billion won a year earlier.
It has been engaged in an intense price war with Coupang, Ticket Monster and other online retailers.
Established in 2013, WeMakePrice founder Huh Min, a self-made billionaire, and his family members hold an 87.9 percent stake in the company.
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