Heo Seo-hong (47), the 4th generation owner of the GS Group and Vice President of GS Retail, has been appointed as a registered executive of the delivery app Yogiyo.
According to the food industry on the 4th, last April, Heo Seo-hong, Vice President of GS Retail, became a non-executive director of Great Imagination, the operator of Yogiyo.
Vice President Heo graduated from Da-il Foreign Language High School, Seoul National University with a degree in Western History, and Stanford University Graduate School of Business in the United States. In November last year, he was promoted to Vice President and Head of the GS Retail Management Strategy Service Unit (SU).
In 2021, GS Retail, along with private equity firms Affinity Equity Partners and Permira, acquired Yogiyo and holds a 24% stake, making it the third largest shareholder.
Some in the industry predict that with Heo becoming a registered executive, organizational restructuring may take place.
Yogiyo recently carried out an organizational restructuring to improve management efficiency. In March, Yogiyo lost its position as the second largest market share holder to latecomer Coupang Eats. Recently, competition among the three major delivery apps has intensified with free delivery, subscription services, and discounts.
Great Imagination's consolidated sales last year were 285.7 billion KRW, an 8.2% increase from the previous year, while operating losses decreased by 41.3% to 65.5 billion KRW.
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