After the Passage of the Tada Ban Law... SoCar Withdraws Tada Corporate Split

Socar Appoints Park Jae-uk as New CEO
Lee Jae-woong Steps Down from Management Frontline

Jaeuk Park, new CEO of Socar. / Photo by Honam Moon munonam@

[Asia Economy Reporter Jin-gyu Lee] Due to the passage of the Tada Ban Act (Amendment to the Passenger Transport Service Act) in the National Assembly, Socar has decided to withdraw its plan to spin off Tada scheduled for April.

On the 13th, Socar held a board meeting and announced that it had decided to cancel the plan to spin off Tada from Socar and launch it as an independent company.

This decision was made based on the judgment that despite the Seoul Central District Court's ruling on the legality of the Tada service on the 19th of last month, the passage of the Tada Ban Act in the National Assembly on the 6th makes it impossible for Tada to attract investment and expand its business.

The 'Tada Basic' service will be temporarily suspended from April 11, but services such as 'Tada Premium,' 'Tada Air,' and 'Tada Private' will continue to operate.

Meanwhile, at the same board meeting, Socar appointed Jae-wook Park, Chief Operating Officer (COO), as the new CEO. CEO Park will concurrently serve as CEO of VCNC, while CEO Jae-woong Lee will step down from frontline management.

New Socar CEO Jae-wook Park stated, "Socar will lead various mobility innovations, including car sharing, to improve social, economic, and environmental issues caused by excessive vehicle ownership."

This content was produced with the assistance of AI translation services.