South Korea’s Shinsegae Group announced on Mar. 8 that Chung Yong-jin, previously served as Executive Vice Chairman of the Group, has been elevated to the position of Chairman. This significant advancement comes 18 years after he first joined the executive leadership team in 2006. Despite this change, Lee Myung-hee will maintain her leadership role within the company, continuing as Group Executive Chairman.
The group has articulated that these new appointments aim to position the company to adeptly navigate the rapidly evolving business landscape under Chung’s leadership. According to the company, the retail sector is currently confronting many challenges, necessitating robust and decisive leadership to stay competitive.
Shinsegae Group expressed confidence in Chung’s promotion, saying, “With Chung’s promotion, we aim to enhance our ability to spearhead market transformations significantly. This decision is a strategic step towards making a significant leap to establish ourselves as the foremost company, delivering unparalleled customer satisfaction through innovative practices that promise sustained growth in the demanding market context.”
The group also emphasized the need for a new approach to innovation, distinct from past strategies, to meet customer expectations effectively. It highlighted the importance of enhancing its core businesses’ competitiveness while exploring new ventures that could serve as future growth drivers.
The company conveyed the substantial implications of Chairman Chung’s promotion: “This is a momentous phase for Shinsegae Group, as we are poised to make a significant leap beyond our previous status as the leading retail company. The responsibilities entrusted to Chairman Chung in steering the group forward are immense.”
Shinsegae reiterated its commitment to being at the forefront of transforming and innovating in Korea’s retail sector. “Shinsegae is dedicated to leading the evolution of the retail industry, continuously seeking out and delivering new value to our customers. With Chung’s leadership, we are poised to evolve into an even more dynamic and innovative entity.”
