Woorinet "Accelerating New Business and M&A Centered on New CEO"

[Asia Economy Reporter Hyunseok Yoo] Woorinet announced on the 29th that under the new CEO system of Choi Jong-shin and Jang Hyun-guk, it will accelerate the expansion of new businesses and M&A initiatives.

Woorinet stated through a disclosure on the 24th of last month that it will appoint Vice President Choi Jong-shin, who led new businesses after the change of the largest shareholder, as CEO. In addition, to ensure stable operation of the telecommunications business, the company plans to reappoint Jang Hyun-guk, an advisor and founding member of Woorinet, establishing a dual-CEO system to securely secure new growth engines and achieve performance improvement.

Having already solidified its existing business with technologies related to 5G and quantum cryptography communication, Woorinet successfully diversified its business by entering the IoT and OLED materials sectors. The company also plans to accelerate M&A and secure additional cash cows by newly appointing Hong Seok-cheol, an outside director and former Samsung Ventures Vice President, through the recent general shareholders' meeting.

CEO Choi Jong-shin said, “The optical communication transmission business is already achieving stable sales, and through business diversification driven by new businesses and M&A initiatives, we will continuously discover new cash cows to sustain the company’s growth.”

Meanwhile, Woorinet is gaining attention as a specialized optical communication transmission network company amid the full-scale commercialization of 5G. Recently, it was selected as the lead developer for the Ministry of Science and ICT’s ‘16 Tbps-class Packet Optical Transport Network (POTN) System Technology Development Project.’ Additionally, it is conducting optical communication equipment and quantum cryptography-related businesses as a core telecommunications operator for major domestic mobile carriers.

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