Shinsegae Department Store Division Cuts Executives by 20% and Replaces 70% of General Managers (Update)

Yoo Sin-yeol, Vice President and Head of Sales Division at Shinsegae, Appointed as CEO of Shinsegae DF
Personnel Direction Set for Bold Change, Innovation, Future Preparation, and Talent Development

[Asia Economy Reporter Lim Hye-seon] Shinsegae Group's department store division has replaced the CEO of Shinsegae DF, which manages the duty-free business, retired 20% of its executives, and replaced more than 70%, initiating a generational change.

On the 1st, Shinsegae Group appointed Yoo Shin-yeol, Vice President and Head of Sales at Shinsegae, as the new CEO of Shinsegae DF. Yoo, a graduate of the Department of Political Science and International Relations at Sogang University, joined Shinsegae Department Store in 1989 and served as CEO of Gwangju Shinsegae in 2012. He then served as the store manager of Shinsegae Gangnam and later as head of sales.

Moon Sung-wook, CEO of Shinsegae Tomboy, will concurrently serve as CEO of Signite Partners, a newly established corporation promoting venture capital (CVC) business. Moon previously worked at SoftBank and joined Shinsegae in 2004, handling planning for Shinsegae and strategic business for Shinsegae I&C. After serving as Vice President in charge of overseas business at E-Mart in 2012, he moved to Shinsegae International and revived the struggling Tomboy brand. Since 2018, he has been CEO of Shinsegae Tomboy. Jung Eui-cheol, Executive Director in charge of support and development at Shinsegae Simon, was promoted to Senior Executive Director.

Through this personnel reshuffle, Shinsegae Group clearly set the direction for future personnel management in the department store division as "bold change and innovation, future preparation, and talent development." About 20% of department store executives retired, reducing the total number of executives by 5%. In particular, more than 70% of head-level executives were replaced, bringing significant changes throughout the organization.

Applying strict standards to all executives through more rigorous evaluations than ever before, the group strengthened accountability for personnel matters. Separate from promotions, talents will be reassigned appropriately to foster new changes within the organization, while actively promoting talent development.

A Shinsegae Group official stated, "This personnel change is not limited to this occasion but will be further strengthened in line with the future direction of changes in the department store division, leading to continuous change and generational replacement. We plan to strengthen accountability based on three principles: bold change for innovation, future preparation, and talent development."

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