National Treasure, Choi Kang-yong Appointed as CEO... "Expecting Innovation in Logistics Business"

[Asia Economy Reporter Jang Hyowon] On the 22nd, KOSPI-listed company Gukbo Co., Ltd. held a board meeting and appointed Choi Kang-yong, chairman of CY Group, as the new CEO. This transition established a dual CEO system with Ha Hyun and Choi Kang-yong serving as co-CEOs.

CEO Choi Kang-yong is the nephew of the late Shin Kyuk-ho, former chairman of Lotte Group. He majored in computer engineering at George Washington University in the United States. He currently serves as chairman of CY Group, chairman of the Korea Cyber Forensic Professional Association (KCFPA), chairman of Beauty Bakery, chairman of PlasQ, vice chairman of the Inter-Korean Economic Cooperation Committee, and standing representative of the Korea-Bulgaria Economic Cooperation Committee.

Since being appointed as an inside director of Gukbo in December last year, CEO Choi has been advancing projects in Gukbo’s logistics and mobility businesses and plans to take more active steps following his appointment as CEO.

Notably, CEO Choi Kang-yong is the eldest son of Choi Hyun-yeol, honorary chairman of CY Group, who served as CEO of Lotte Mulsan and Lotte Canon, and is the younger brother of Choi Eun-young, former chairman of Hanjin Shipping. He is also related to Shin Jeong-sook, the fourth younger sister of Shin Kyuk-ho. This background is expected to bring abundant human and material infrastructure and synergy to Gukbo’s logistics business.

Gukbo announced that, with this CEO appointment as a turning point, it will accelerate the development of blockchain services in the logistics sector and the use of blockchain in mobility, particularly in Busan, the only domestic blockchain regulatory free zone, where development has been underway since last year.

On the 9th, Beauty Bakery, led by Chairman Choi Kang-yong, signed an MOU with H Plus Yangji Hospital to build a digital hospital using a blockchain platform, expanding its blockchain business and reportedly planning collaboration with Gukbo.

Meanwhile, Gukbo announced in its semi-annual report disclosure on the 12th that its consolidated half-year sales reached 51.9 billion KRW, with a gross profit of 16.7 billion KRW. These figures represent increases of 14% (6.4 billion KRW) and 40% (4.7 billion KRW) respectively compared to the same period last year, with operating profit also improving.