Proposal Not to Reappoint as Inside Director
Serving as Registered Director for 56 Years, Growing into a Global Food Company
[Asia Economy Reporter Lim Hye-seon] Shin Chun-ho, chairman of Nongshim Group (92), who has led the Korean food industry, is stepping down from the front lines of management. His eldest son, Shin Dong-won, vice chairman of Nongshim, is expected to be appointed as the chairman and CEO of Nongshim.
Nongshim did not propose a motion to reappoint Chairman Shin as an inside director at the regular shareholders' meeting scheduled for March 25 next month. Instead, they proposed a motion to appoint Vice President Lee Young-jin as a new director. Chairman Shin's term ends on March 16. He has served as a registered director of Nongshim for 56 years.
Born in 1932, Chairman Shin stepped down from the CEO position after being appointed chairman in 1992. Since then, he has overseen the group's strategic direction and new business initiatives but has delegated detailed management issues to the executive team.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
