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Jung Yong-jin and Jung Yoo-kyung, siblings of Shinsegae Group. (Photo = Yonhap News) |
[Alpha Biz= Reporter Kim Jisun] Shinsegae Group has officially announced the separation of E-Mart and Shinsegae Department Store.
In this executive reshuffle, Shinsegae Group promoted Jung Yoo-kyung to the position of chairman, nine years after her initial promotion to chief executive officer in December 2015 and seven months after her brother, Jung Yong-jin, was appointed chairman of Shinsegae Group in March.
Shinsegae Group stated that the separation aims to strengthen responsible management and lay the groundwork for independent operations.
After separating from Samsung Group in 1997, Shinsegae Group has grown into the largest retail company in South Korea, with total sales exceeding 71 trillion won last year.
Lee Myung-hee, the youngest daughter of the late Samsung chairman Lee Byung-chul, has structured the group’s companies over the past 20 years through gradual transfers and stock exchanges.
Since 2011, she assigned the E-Mart business to her eldest son, Jung Yong-jin, and the department store business to her daughter, Jung Yoo-kyung, establishing a “sibling management” structure. Since 2019, preparations for the separation were furthered by creating distinct E-Mart and department store divisions.
Currently, both Jung Yong-jin and Jung Yoo-kyung are the largest shareholders of their respective companies, holding 18.56% of E-Mart and 18.56% of Shinsegae.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
