CEO Sim Sang-bae Promoted to Vice Chairman... Cosmax Group Executive Personnel Changes Implemented

by Lim Hyeseon

Published 10 Dec.2021 08:39(KST)

Executive Promotion Achieving Business Performance Amid Challenging Sales Environment

Sangbae Shim, CEO (Vice Chairman) of COSMAX

[Asia Economy Reporter Lim Hye-sun] Cosmax Group announced on the 10th that it has carried out its regular executive personnel appointments for 2022, including the promotion of Sim Sang-bae, CEO of Cosmax (photo), to Vice Chairman. A total of 20 executives were promoted or reassigned in this personnel move, which will take effect on January 1 next year. A Cosmax Group official explained, "This regular personnel appointment is meaningful in that executives who achieved clear management results amid difficult business conditions were promoted."

Sim Sang-bae, CEO of Cosmax, was promoted to Vice Chairman. Vice Chairman Sim joined Taepyeongyang (now Amorepacific) in 1980 and has 40 years of experience across the cosmetics industry. He is especially recognized as an expert in management planning and organizational operations. After serving as CEO of Amorepacific, Sim also served as auditor of Cosmax BTI before being appointed CEO of Cosmax last March.

This promotion is interpreted as a high evaluation of Sim’s management capabilities, who led Cosmax’s growth amid the cosmetics industry downturn caused by the COVID-19 pandemic. This year, Cosmax recorded cumulative sales of 1.1702 trillion KRW and operating profit of 92.2 billion KRW through the third quarter, growing 13.7% and 64% respectively compared to the same period last year.

Lee Sang-in, General Manager of Cosmax Guangzhou, was promoted to President. Lee is praised for his excellent leadership and keen understanding of the rapidly changing Chinese market, leading the China business. Especially, Cosmax Guangzhou’s sales grew 20.5% year-on-year through the third quarter, as the proportion of new online customers increased to 80%, centered on China’s top online client, Perfect Diary (Wanmi Yiji).

Along with this personnel move, Cosmax R&I Center reorganized its 15 labs into three research institutes (Skincare, Makeup, SRE) grouped by higher divisions. Executive Director Joo Young-ah will lead the Skincare Research Institute, and Executive Director Seo Eun-joo will head the Makeup Research Institute, aiming to improve organizational efficiency.

Cosmax BTI R&I Center established a new Bio Convergence Research Institute to enhance the synergy of the existing four labs. Executive Director Kang Seung-hyun will lead the Bio Convergence Research Institute, spearheading the development of new materials and formulations. Additionally, under Cosmax’s Digital Business Division, the CAI (Cosmax AI) Lab was elevated to a research institute to accelerate securing future growth engines. Executive Director Park Cheon-ho, former head of the CAI Lab, was appointed director.

Below is the list of promoted executives:

◇ Cosmax

▶ CEO Sim Sang-bae, Vice Chairman

▶ Management Support Headquarters Support Officer Hwang An-soon, Executive Director

▶ R&I Skincare Research Institute Director Joo Young-ah, Executive Director

▶ R&I Makeup Research Institute Director Seo Eun-joo, Executive Director

▶ Production Headquarters FM Kim Min-soo, Executive Director

▶ R&I SRE Research Institute Director Lim Doo-hyun, Executive Director

▶ Digital Business Headquarters Kim Jae-hee, Director

▶ R&I LL Lab Woo Young-hwa F2 (Director level)

◇ Cosmax Guangzhou

▶ General Manager Lee Sang-in, President