Celebrity restaurateur Paik Jong-won publicly apologized to shareholders for the first time at the company’s annual general meeting on March 28, addressing recent controversies surrounding his company, Theborn Korea.
“I sincerely apologize for not managing the company more thoroughly as a CEO,” he said. Dressed in a dark navy suit without a tie, Paik greeted shareholders one by one with a handshake before issuing his apology.
Paik said the company is “reassessing internal systems from the ground up” and pledged to strengthen transparency and oversight. “Theborn Korea will enhance our ingredient origin management and work with external experts to establish an effective internal monitoring system,” he said. “We plan to improve our menus and services and implement a new ingredient information disclosure system to restore customer trust.”
He also vowed better communication with shareholders, adding, “We will provide regular updates on our progress and performance.”
During the meeting, Theborn Korea outlined its strategy for future growth. The company aims to boost the competitiveness of its existing businesses, including franchise, distribution, and hotel operations, while expanding into new areas such as regional development projects, B2B distribution, and an online mall. The company also announced plans for mergers, acquisitions, and equity investments in food tech.
Theborn Korea, which went public on November 6 last year, has been under fire over the past two months over a string of controversies. These include allegations of violating Korea’s Farmland Act by using imported ingredients at the company’s food factory located in an agricultural promotion zone, where it is required to use domestically produced products, mislabeling ingredient origins of its products, and quality issues involving its Paik Ham product.
Theborn Korea’s stock price jumped over 14% after Paik’s apology.
