Musinsa Appoints First Outside Director... Strengthening Board Independence and Expertise

Appointment of Outside Directors:
Lee Haenghee, Lee Hwang, and Lim Soohyun

Musinsa announced on the 1st that it has appointed outside directors for the first time and established committees to guarantee their independent activities in order to strengthen management transparency. With experts from various fields such as management, investment, and law joining, it is expected that transparency and professionalism in business processes will improve.

Profile photos of Lee Haeng-hee (from the left), Lee Hwang, and Lim Soo-hyun, newly appointed outside directors of Musinsa. Provided by Musinsa.

At the regular shareholders' meeting held on the 31st of last month, Musinsa appointed three outside directors: Lee Haeng-hee, former CEO of Korea Corning; Lee Hwang, professor at Korea University Law School; and Lim Soo-hyun, CEO of DS Private Equity. This is the first time Musinsa has appointed outside directors. The term of the newly appointed outside directors is three years, until the end of March 2028.

Outside director Lee Haeng-hee is a business executive who worked for 36 years at the global materials company Corning and served as the head of Korea for over 20 years. Outside director Lee Hwang is a professor at Korea University Law School and concurrently serves as the director of the Korea University ICR (Innovation, Competition, and Regulation Law) Center. He served as the president of the Korean Competition Law Association in 2020 and has been the president of the Korean Distribution Law Association since 2024. Outside director Lim Soo-hyun is an expert who has worked at the Ministry of Strategy and Finance and in the investment industry, and is recognized for his professional experience and knowledge in various domestic and international markets.

Simultaneously with the appointment of outside directors, Musinsa also reduced the number of inside directors. Among the 10 members of the board, the inside directors are CEO Jo Man-ho, CEO Park Jun-mo, and CFO (Chief Financial Officer) Choi Young-jun, totaling three, while the remaining seven consist of three outside directors and four other non-executive directors.

Musinsa also established committees within the board to enhance the independence and professionalism of the highest decision-making body. These include the Audit Committee, which evaluates internal control policies; the Executive Compensation Committee, which reviews the compensation system for executives; and the Outside Director Candidate Recommendation Committee, which is responsible for verifying and recommending capable outside director candidates. Each committee will operate with a composition of two outside directors and one inside director.

A Musinsa official stated, “Along with external growth, we have appointed independent and professional outside directors and newly organized the board to build a solid foundation as a company that meets global standards. We will continue to maintain a stable governance system by enhancing management transparency.”