Chong Yongjin to Lead Emart and Shinsegae Property as CEO... 'Responsible Management' at the Forefront
Stepping Forward After the Starbucks Controversy: Taking Direct Control of Core Group Affiliates
Personally Overseeing Future Initiatives Including Starfield Cheongna and the AI Data Center
Chong Yong-jin, Chairman of Shinsegae Group, will directly take on the role of CEO at the group's core affiliates, Emart and Shinsegae Property, demonstrating his commitment to responsible management. Amid ongoing internal and external challenges for the group, including the recent Starbucks Korea marketing controversy and Emart's poor performance, Chairman Chong has officially announced his intention to lead management from the front line.
On June 8, Shinsegae Group announced that Chairman Chong has been appointed as co-CEO of Shinsegae Property. Shinsegae Property will recommend him as a registered director through the board of directors, and then proceed with the CEO appointment process at the shareholders' meeting. Emart also named Chairman Chong as co-CEO in this year’s regular executive appointments and plans to finalize his appointment at next year’s shareholders' meeting.
Chairman Chong stated, "I take the market's demand for clear accountability in company management very seriously," adding, "As CEO, I will be subject to evaluation by both the board and shareholders."
This appointment is interpreted as a move to restore the group’s current business competitiveness while also overseeing future growth initiatives. The decision follows the Starbucks marketing controversy and signals Chairman Chong’s intention to take an active role in the reform of both Starbucks Korea and Shinsegae Group, as he previously pledged. Emart is the largest shareholder of Starbucks Korea, and the CEO of Emart has significant responsibility for the composition of Starbucks Korea’s board and for company operations.
Once Chairman Chong becomes CEO of both Emart and Shinsegae Property, he will participate as a board member in a total of three group affiliates.
Chairman Chong currently serves as chairman of the board at AG Global Holdings, a joint venture with Alibaba International, where he is leading efforts to strengthen Gmarket’s competitiveness. In addition, by assuming the role of CEO at Shinsegae Property, which is driving projects such as Starfield Cheongna and an AI data center business, he will take direct charge of the group’s future business initiatives.
In March, Shinsegae Property signed a memorandum of understanding (MOU) with U.S.-based Reflection AI for cooperation in the AI data center business and will be responsible in the future for securing land and managing project execution.
Meanwhile, Lee Hyung-chun, former head of the development division, has also been appointed as co-CEO of Shinsegae Property. While CEO nominee Lee will oversee major projects such as Starfield Cheongna and manage operations, Chairman Chong plans to focus on mid- to long-term strategy and enhancing corporate value.
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Starbucks Korea has named Shin Dong-woo, head of the support division at Shinsegae Property, as its new CEO. Drawing on his experience in strategic planning and finance, CEO nominee Shin will work to strengthen internal controls, drive organizational reform, and restore customer trust.
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