Chung Yongjin Appointed as Inaugural Chairman of Shinsegae?Alibaba JV Board

Chung Yongjin, Chairman of Shinsegae Group, will serve as the inaugural chairman of the board of Grand Opus Holding, a joint venture (JV) established by Shinsegae Group and Alibaba International.

On November 11, Shinsegae Group announced, "The JV formed by Shinsegae Group and Alibaba International recently held a shareholders' meeting to appoint board members, followed by its first board meeting," confirming that Chairman Chung has been appointed as chairman of the board.

Chung Yongjin, Chairman of Shinsegae Group.

A Shinsegae Group representative stated, "Chairman Chung's appointment as chairman of the JV board, which has Gmarket as a subsidiary, reflects his commitment to revitalizing Gmarket through collaboration with Alibaba." The representative added, "Chairman Chung will lay the foundation for the JV, formed by Shinsegae Group and Alibaba, to lead the domestic and global e-commerce markets."

On Alibaba's side, James Dong, President of Alibaba International Digital Commerce (AIDC) International Marketplace, will join the JV board. President Dong is responsible for Alibaba Group's overseas e-commerce business.

In addition, James Jang (Korean name: Jang Seunghwan), CEO of Gmarket, and Ray Zhang, CEO of Aliexpress Korea, will also participate as board members. Jang Kyuyoung, who previously oversaw finance at Emart, has been appointed as Chief Financial Officer (CFO) to oversee the JV's day-to-day operations. However, Executive Director Jang will not serve as a board member.

The board will require unanimous consent for major decisions. Shinsegae Group explained that this measure is intended to ensure balanced decision-making without favoring one side.

Grand Opus Holding recently relocated its office from the Parna Tower in Samseong-dong, where Aliexpress Korea is based, to the Gangnam Finance Center in Yeoksam-dong, where Gmarket's headquarters are located. In addition, the company raised approximately 12 billion won in paid-in capital this month, increasing its capital to 12.6 billion won.

Gmarket, now a subsidiary of Grand Opus Holding, has also completed the formation of its management team. The three inside directors are CEO James Jang, Chief Product Officer (CPO) Kim Jeongwoo, and Chief Financial Officer (CFO) Qian Hao, who represents Alibaba. CFO Qian Hao previously served as CFO at Lazada, an Alibaba affiliate. The auditor is Lee Yongmyeong, who oversees finance at Emart.