Homeplus, South Korea’s second largest hypermarket chain, has appointed Lee Jae-hoon, current CEO of Carver Korea, as its new CEO.
Has decades of CEO experience
His appointment came three months after the retailer's previous CEO Lim Il-soon resigned in January. Lee has decades of CEO experience leading various businesses, including KFC Korea, Pizza Hut Korea.
"The newly appointed CEO has earned respected recognition of the industry as the CEO of retail, distribution and consumer products. We expect CEO Lee will further lead Homeplus' growth based on his excellent expertise and vast experience," Homeplus commented.
Expectation of turning around the business
The attention is now on whether he could turn around Homeplus’ deteriorating revenues.
Homeplus has seen its revenues as well as operating profits dwindle in recent years. During the fiscal year of 2019 (from March 2019 to February 2020), the company's annual revenue stood at KRW7.3 tn (US$6.5 bn), a 5% fall from the previous year.
It is expected that the company will have a further fall in revenue and profits during the March 2020 to February 2021 period due to the economic shock from COVID-19. Homeplus also closed a few of its regional branches.
Lee began his career at the Bank of Korea as a trader in 1989, after he graduated from the University of Pennsylvania's Wharton School MBA program. He will start his Homeplus post in May.