Emphasizing Strengthening Global Business at the General Meeting
Establishing a Future-Oriented Direction
Continuing Sustainability Beyond Domestic Market
[Asia Economy Reporter Kim Daeseop] "Coway will establish a future-oriented direction and strive to achieve sustainable growth globally beyond Korea."
Coway CEO Lee Hae-sun stated this at the shareholders' meeting held on the 30th at the headquarters located in Yugu-eup, Gongju, Chungnam, adding, "In 2020, we welcomed Netmarble as the largest shareholder and made a fresh start as a new Coway."
CEO Lee announced plans to make this year a year of further advancement for Coway based on strengthening global business and launching innovative products.
Last year, Coway recorded KRW 3.0189 trillion in sales and KRW 458.3 billion in operating profit based on consolidated financial statements. Sales increased by 11.5% compared to the previous year. The strong performance of domestic environmental home appliances such as air purifiers and continuous growth in overseas business contributed to achieving the highest sales. The total rental accounts reached 7.79 million domestically and internationally, approaching the 8 million era.
Coway's overseas business sales accounted for about 20% of total sales in 2018 but increased to about 25% last year. CEO Lee emphasized, "We plan to focus all our capabilities this year considering mid- to long-term growth."
This year holds significance for CEO Lee as a new beginning. He was appointed CEO of Coway in October 2016. As an expert in consumer goods marketing who previously served as CEO of CJ O Shopping and co-CEO of CJ CheilJedang, he utilized his accumulated experience and know-how to renew maximum sales every year.
However, after Woongjin Group acquired Coway from MBK Partners in March last year, the management system changed from a sole CEO system to a dual CEO system in August of the same year. In October last year, he stepped down from the CEO position and took on the role of President. However, after the game company Netmarble acquired Coway (then Woongjin Coway) in December last year, CEO Lee was reappointed as CEO in February this year.
In December last year, Netmarble signed a contract to acquire 18,511,446 shares of Coway (25.08% stake) from Woongjin Thinkbig, a Woongjin Group affiliate, for KRW 1.74 trillion. The acquisition process was finalized on February 7 this year.
CEO Lee is also actively responding to overcome the damage caused by the novel coronavirus infection (COVID-19). Coway operates a task force (TF) organization for the safety of customers and employees and monitors situations in real-time at business sites nationwide according to the response manual.
CEO Lee said, "Our sales have been disrupted due to the COVID-19 situation. I hope the COVID-19 situation calms down quickly."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
