Jaewoong Lee Returns to Management as Socar COO After Six Years

Jaewoong Lee, former CEO of Socar, has returned to management after six years, having been appointed as Chief Operating Officer (COO). Ahead of his inauguration as chairman of the board in March, he will oversee the car-sharing business and overall organizational operations.

According to Socar on January 20, Lee was officially appointed COO on this day and began his duties at the company.

As COO, Lee will be responsible for the overall management of the car-sharing service business and organizational operations, excluding new business ventures. Current CEO Park Jaeuk will focus on new businesses such as autonomous driving, establishing a division of roles between the current and former CEOs.

Jaewoong Lee, former CEO of Socar. The Asia Business Daily DB

Previously, in December of last year, CEO Park announced at a town hall meeting held at the company’s headquarters in Seongdong-gu that Lee would return as chairman of the board.

Accordingly, Lee is expected to assume the role of chairman of the board after the regular general shareholders’ meeting in March.

Lee stepped down as CEO of Socar in March 2020 after the National Assembly passed the amendment to the Passenger Transport Service Act, commonly known as the “Tada Ban Act.”

However, in June 2023, the Supreme Court acquitted Lee and Park Jaeuk, former CEO of VCNC, the operator of Tada, confirming their innocence.