Hotel Shilla Also Embraces Performance-Based Culture... Executive Director Exempt in 50s, Promoted to Vice President

Kim Tae-ho Promoted to Vice President of Hotel Shilla

[Asia Economy Reporter Cha Min-young] Kim Tae-ho, Executive Director leading Hotel Shilla's domestic duty-free business division, will be promoted to Vice President in recognition of his contribution to the strong performance in 2019. His status as a young executive in his 50s draws attention. In addition, there was one Executive Director-level promotion and one Managing Director-level promotion within the duty-free business division.

On the 21st, Hotel Shilla announced that this decision was made in the 2020 regular executive personnel appointments.

Born in 1968, the newly promoted Vice President Kim Tae-ho is 52 years old and majored in Economics at Seoul National University. After joining Samsung Electronics in 1991, he transferred to Hotel Shilla in 2011 and served as the Duty-Free Distribution Business Division Support Team Leader (Managing Director) in the same year. Subsequently, he held the position of Online Team Leader of the Duty-Free Distribution Korea Business Division in 2014, was promoted to Executive Director in 2017, and led the duty-free business as the head of the TR Division Korea Business Division.

Hotel Shilla is estimated to have recorded strong performance in the fourth quarter of this year as well. Eugene Investment & Securities estimated Hotel Shilla's sales and operating profit for the fourth quarter of last year at 1.4691 trillion KRW and 61.6 billion KRW, respectively. The operating profit estimate far exceeds the previously suggested figure (46 billion KRW).

Researcher Joo Young-hoon explained, "Initially, the one-time profit for the fourth quarter was estimated at around 5 billion KRW, but it is expected to increase to about 20 billion KRW," noting that adjustments for patent fees and airport duty-free store rents were reflected. He added, "We revise upward Hotel Shilla's sales and operating profit estimates for this year by 3.9% and 7.1%, respectively." Although the annual sales growth rate for the TR Division was initially forecasted at 10.6%, considering the steady strong sales in the duty-free industry, achieving even higher growth is deemed possible.

Besides the newly promoted Vice President Kim Tae-ho, multiple promotions were made within the TR Division. Lee Kang-il, born in 1965 and SCM Team Leader of the TR Division (Managing Director), was promoted to Executive Director, and Kwon Oh-sung, born in 1972 and head of the TR Division Information Strategy Group, was promoted to Managing Director. Jo Byung-jun, born in 1972 and head of the TR Division Finance Group, was also promoted to Managing Director.

In the hotel business division, Jo Jung-wook, born in 1964 and Operations Team Leader of the Hotel Business Division (Managing Director), was promoted to Executive Director, and Kim Kyung-rok, born in 1968 and Support Team Leader of the Hotel & Leisure Division, was promoted to Managing Director.

Hotel Shilla stated that through this merit-based personnel appointment, it plans to actively pursue mid- to long-term business strategies and strive further to ensure the company’s sustainable growth.