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Hanssem Co. Ltd., a Korea-based company that makes and sells home furniture, just replaced its chief executive officer to improve the company's performance. It appointed Eugene Kim to lead the group and work on increasing profitability so Hanssem could bounce back.
A company official confirmed this week that Hanssem has a new CEO. The company has to find a new chief as it continues to have difficulties in staying in the game. It was noted that Hanssem had to let go of Kim Jin Tae just a year after he took over the office as chief.
Hanssem determined that it needed someone to rescue the company that was facing a decline thus, it decided to hire a new CEO who can help the firm better. According to The Korea Times, one of the main reasons for the executive change is the CEO’s failure to improve sales despite his efforts.
While Kim Jin Tae worked hard to revive Hanssem, the firm continued to lose money instead. Hanssem published its first annual operating loss since its local stock market listing in 2022. This turned into a deficit, with the furniture maker posting an operating loss of KRW21.7 billion or about $16.82 million on a consolidated basis.
"The domestic interior market has been downsized due to a sharp drop in house sales. At the same time, the costs incurred in the process of pursuing a remodeling business strategy increase,” Lee Eun Sang, a researcher at NH Investment & Securities, commented on Hanssem’s situation. "It is difficult for house sales to recover in a short period of time, so it will take some more time for the company to improve profitability."
Meanwhile, Pulse News reported that Hanssem’s new CEO is a computer science graduate of the Korea Advanced Institute of Science and Technology (KAIST), a popular national research university in South Korea. Eugene Kim also earned his master’s degree from another prestigious school in the country - Seoul National University‘s Graduate School of Business. Prior to her appointment at Hanssem, she worked at the Boston Consulting Group, Inc. and IMM Private Equity.
Photo by: Hanssem Co. Website
