Korean conglomerate CJ Group on Monday implemented large-scale reshuffle and appointments in the executive-level in the first management action after Chairman Lee Jae-hyun’s de facto return to the helm upon release from prison.
Monday’s change including 70 promotions and 49 reshuffles made 32-year-old eldest daughter of the chair, Lee Kyung-hoo, a managing director.
CJ Group promoted 70 employees, including seven to senior executive vice president-level, 25 to managing directors and 38 to managing director-level (newly appointed), as well as reshuffled 49 executives in its largest-ever promotion.
The latest management shakeup comes after Chairman Lee who was behind bars after he was charged with embezzlement, breach of trust and tax evasion in 2013 was pardoned in August last year. During his absence, the conglomerate gave new promotions to only 33 in 2016, 13 in 2015 and 20 in 2014. The group hopes the latest promotion can help its businesses get back on track and accelerate its growth after years of sluggishness, an official at CJ said.
The annual reshuffle is also expected to expedite the group’s hereditary succession as it included the promotion of Chairman Lee’s first daughter Kyung-hoo, head of the marketing team at the group’s US division, to director-level. Lee who joined CJ in 2011 after earning a master’s degree from Columbia University has been responsible for the expansion of new markets and global marketing at the product development team and broadcasting planning team of CJ O Shopping, a leading home-shopping channel in Korea, and CJ’s US division. Lee’s husband, Jung Jong-hwan who has been serving as the co-head of the U.S. division, was also moved up to director-level.
According to the group, Chairman Lee is in the U.S. to treat Charcot Marie Tooth (CMT) disease, a rare inherited neurological disorder. He will return to the helm within the first half of this year.
By Baek Sang-kyung
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