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Shinsegae Inc., the department store giant based in South Korea, reportedly removed nine chief executive officers who were managing its E-Mart and department store brands. They were replaced during a recent company reshuffle due to falling sales.
Shinsagae was said to have formed an emergency management system for E-Mart and its department stores subsidiary after letting go of their respective CEOs. The retail company hopes that changing the leaders will restore its weakening business. About 40% of affiliate chief executives are affected by the terminations.
According to The Korea Economic Daily, the company re-organized the leadership on Wednesday this week. As nine high-ranking officials were axed, the latest change in management was said to be one of the company’s most drastic reshuffles at the executive level.
The key leaders of E-Mart Inc., Shinsegae Department Store, and other affiliates were replaced to curb the declining sales and share prices amid the economic downturn. Kang Heui Seok was replaced by Han Chae Yang as the new CEO of E-Mart and SSG.COM e-commerce business.
Han, previously the chief of Josun Hotels & Resorts Co., will also manage two affiliated distribution operators, E-Mart Everyday Inc. and E-Mart24 Inc. The incumbent chief Kang’s term was cut short by three years as he was supposed to be in office until 2026. Kang has been managing E-Mart since 2019.
On the other hand, Park Ju Hyung, who was leading Shinsegae Central City, has been promoted to CEO of Shinsegae Inc. He is taking over the post from Son Yung Sik.
It turned out that the ousted CEOs have been under pressure to vacate their seats since last year. Observers in the Industry said that Shinsegae Group’s chairwoman Lee Myung Hee made the bold decision to terminate them as the company’s business continues to spiral down and already reached the point where the poor performance is already affecting other subsidiaries.
“We have carried out bold innovative personnel changes to fundamentally renew and strengthen the organization’s competitiveness and maximize new performance creation and synergies,” E Today quoted the Shinsegae Group as saying in a statement. “We will continue to further strengthen the group’s future preparations through thorough performance- and merit-based personnel management.”
Photo by: Minseong Kim/Wikimedia Commons (CC BY-SA 4.0)
