"Discovering New Businesses with Young Blood"... BGF Group Fully Deploys 'Owner's Second Generation' (Comprehensive)

'Hong Seok-jo Eldest Son'... Promoted to Vice Chairman
Min Seung-bae Promoted to CEO of BGF Retail

Hong Jeong-guk, the eldest son of Hong Seok-jo, chairman of BGF Group, has been promoted to vice chairman of BGF Group and vice chairman of BGF Retail. This move is interpreted as an intention to bring a new wind by placing the 'second-generation owner' at the forefront amid the saturation of the domestic convenience store market, where discovering new growth engines has become urgent.

Hong Seok-jo, New Vice Chairman of BGF Group
[Photo by BGF Retail]

On the 2nd, BGF Group held a board meeting and carried out top executive personnel appointments, promoting Hong Jeong-guk, CEO and president of BGF, to CEO and vice chairman of BGF. The newly appointed Vice Chairman Hong Jeong-guk joined BGF Group in 2013 and served as head of the Strategic Planning Headquarters and head of the Management Strategy Division. Since 2019, he has been serving as CEO and president of BGF.

Vice Chairman Hong has focused on discovering new growth foundations across the group and strengthening global capabilities through the successful overseas expansion of the convenience store CU. With this appointment, he plans to actively nurture new growth engines for the group, strengthen the competitiveness of the trend-sensitive CVS business, and further enhance responsible management of key affiliates.

Min Seung-bae, CEO of BGF Retail [Photo by BGF Retail]

Min Seung-bae, head of the Sales Development Division at BGF Retail, has been promoted to the new CEO of BGF Retail. The newly appointed CEO Min is a 'convenience store expert' who has dedicated 28 years to the field. Since joining BGF Group in 1995, he has held positions such as project development team leader, head of communications, head of HR and general affairs, and head of the sales development division. He is highly regarded for his excellent organizational management skills, backed by extensive field experience and expertise gained through leading major departments within the company, giving him a comprehensive understanding of the convenience store business and the company overall. CEO Min plans to actively pursue differentiated competitiveness and expansion into emerging overseas markets to grow CU into a global CVS company.

A BGF Group official stated, "With this generational change in management, we will actively promote new changes and innovations within the organization to further solidify the foundation for future growth amid an uncertain distribution environment."

Meanwhile, after the personnel announcement, BGF Retail disclosed that its consolidated operating profit for the third quarter of this year was 87 billion KRW, down 4.9% compared to the same period last year. Sales in the second quarter increased by 7.4% to 2.2068 trillion KRW, and net profit rose by 1.0% to 70 billion KRW.