Ourhome CEO Bohnseong Koo Dismissed... The Three Sisters' Complete Victory in the 'Sibling Rebellion'

[Asia Economy Reporter Seungjin Lee] Koo Bon-sung, Vice Chairman and CEO of Ourhome, a food company under the 범LG group, has been dismissed. The third daughter, Koo Ji-eun, former CEO of Calisco, was appointed as the new CEO, marking a complete victory for the three sisters in the so-called 'Sibling War.'

According to the food industry on the 4th, Ourhome held a board meeting following the shareholders' meeting that morning and passed the dismissal proposal for CEO submitted by Koo Ji-eun, the third daughter of Koo Ja-hak, Chairman of Ourhome.

Subsequently, Koo Ji-eun was appointed as the new CEO of Ourhome. At the shareholders' meeting, proposals for the appointment of new directors and limits on total remuneration proposed by CEO Koo Ji-eun were also passed.

With this, CEO Koo Ji-eun took control of the board by appointing 21 new directors through shareholder proposals. The number of directors at Ourhome increased from the previous 11 to 32.

The largest shareholder of Ourhome is Vice Chairman Koo Bon-sung, holding 38.6% of the shares. However, the combined shares of the three sisters?Koo Mi-hyun (19.3%), Koo Myung-jin (19.6%), and Koo Ji-eun (20.7%)?amount to 59.6%.

The eldest daughter, Koo Mi-hyun, sided with her brother, Vice Chairman Koo Bon-sung, during the 2017 management dispute at Ourhome, but at this shareholders' meeting, she reportedly supported CEO Koo Ji-eun, who opposed the current structure.

The reasons for Koo Mi-hyun's change of stance include deteriorating business performance and recent social controversies surrounding Vice Chairman Koo.

Vice Chairman Koo was sentenced the day before to six months in prison with a two-year probation for charges including retaliatory driving, damaging another vehicle, and hitting the driver.

Ourhome has been suffering from poor performance, recording a net loss of 14.8 billion KRW on a consolidated basis in the first half of last year.

CEO Koo Ji-eun joined Ourhome in 2004 and was the only one among the four siblings involved in management, but was pushed out when Vice Chairman Koo entered management in 2016. She then moved to Calisco, a foodservice company operating 'Saboten' and 'Taco Bell,' where she has continuously clashed with Vice Chairman Koo.

Ourhome had consistently supplied ingredients to Calisco, but stopped doing so in 2019, worsening the relationship between the siblings. Consequently, Calisco changed its ingredient supplier to Shinsegae Food last year.

The food industry expects that with CEO Koo Ji-eun taking over management rights at Ourhome, the relationship between the two companies will be redefined.

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