CJ Logistics CEO: "We Will Become a Global Logistics Company Equipped with Technology"

Kang Shin-ho, CEO of CJ Logistics, stated at the regular shareholders' meeting on the 25th, "We will establish a foundation to secure global logistics company status by acquiring world-class technological capabilities and secure future growth engines."

In his greeting at the shareholders' meeting held at the CJ Human Resources Development Center in Jung-gu, Seoul, Kang pointed out that the recent domestic and international economic situation is challenging. He said, "The Corporate Logistics (CL) business will expand new orders based on differentiated operational competitiveness and strengthen profitability by streamlining operational processes."

He continued, "The parcel delivery and e-commerce business sectors have strengthened competitiveness with the integrated delivery solution brand ‘One’," adding, "We have laid the foundation for future innovative growth by providing differentiated services such as delivery guarantees and securing the direct purchase market."

He also emphasized securing future revenue sources. Kang evaluated, "The global business has improved the existing business structure in strategic countries such as the United States and India, while establishing key foundations for future markets such as the Saudi GDC and the U.S. strategic base." Conditions have also been set to enter recently emerging business sectors including secondary batteries, defense industry, and pharmaceuticals.

He regarded the full-scale operation of a transportation platform directly connecting cargo owners and carriers based on artificial intelligence (AI) and big data technology as an achievement. He said, "We will do our best to enhance corporate value by strengthening management soundness and profitability, thereby increasing shareholder value."

Meanwhile, at the shareholders' meeting, the National Pension Service opposed the agenda regarding the remuneration limit, citing that the board members' compensation is high. The National Pension Service holds a 10.3% stake in the company, making it the second-largest shareholder after CJ CheilJedang (40.2%).

Last year, the company proposed a remuneration limit of 7 billion KRW for seven board members, including four outside directors, and actually spent about 6 billion KRW. This year, the limit remains 7 billion KRW. The company explained that this was a performance reward for achieving the highest-ever operating profit last year and was paid according to internal group standards. The agenda to appoint Han Man-hee, a professor at the University of Seoul; Lee Ok-won, former Vice Minister of Strategy and Finance; and Kim Myung-jun, former head of the Seoul Regional Tax Office, as new outside directors was also approved.