Appointed New CEO at March Regular General Meeting
Last Year Coca-Cola Operating Profit Declined...Ideal Candidate for Performance Improvement
Coca-Cola Beverage has appointed Heegon Lee, Executive Director of Beverage Business, as the new CEO. Coca-Cola Beverage is a subsidiary of LG Household & Health Care, responsible for the production and distribution of Coca-Cola products in South Korea.
According to the distribution industry on the 17th, Coca-Cola Beverage appointed Heegon Lee, Executive Director of Beverage Business, as the new CEO (Head of the Refreshment Business Division) through last month's regular shareholders' meeting. The new CEO has been serving as the head of Coca-Cola Beverage since the regular personnel reshuffle in November last year. The former CEO, Hyungseok Lee, stepped down before completing one year in office.
Heegon Lee joined Coca-Cola Beverage in 2008 and served as Head of Management Strategy and Control Division and Head of Vietnam Business Division at LG Household & Health Care in 2013. Afterwards, at Coca-Cola Beverage, he held positions such as Head of Beverage Planning and Management Division and Executive Director of Beverage Sales.
LG Household & Health Care appears to have judged that CEO Lee is the right person to lead performance improvement. Last year, Coca-Cola recorded an operating profit decline for the first time in nine years, showing a poor performance. Operating profit last year was 204.1 billion KRW, a decrease of 3 billion KRW compared to 207.8 billion KRW in 2022. Although sales increased from 1.572 trillion KRW to 1.6127 trillion KRW, selling and administrative expenses rose by about 10 billion KRW compared to the previous year, resulting in decreased profits.
An LG Household & Health Care official said, “CEO Lee has extensive experience in management strategy and planning control,” adding, “He is currently also in charge of the overall beverage business.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
