Timon Planting the Success DNA of Gmarket and Qoo10... The Ryu Gwangjin Era Sets Sail
Ryu Gwangjin, Qoo10 Vice President, Appointed as New CEO of TMON
[Asia Economy Reporter Kim Cheol-hyun] E-commerce company TMON has appointed Ryu Kwang-jin, Vice President of Qoo10, as its new CEO. The new CEO Ryu is a founding member who created Gmarket alongside Koo Young-bae, CEO of Qoo10. He also worked together at Qoo10, leading its success in the Southeast Asian market. It is expected that he will transplant the successful DNA of Gmarket and Qoo10 to improve TMON's business system.
On the 25th, TMON appointed Ryu Kwang-jin, Vice President of Qoo10, as its new CEO. The change in TMON's leadership had been anticipated. Qoo10, a direct purchase company based in Southeast Asia, acquired TMON by exchanging 100% of TMON shares held by private equity firm Anchor Equity Partners (Anchor PE), Kohlberg Kravis Roberts (KKR), and PSA Consortium (TMON Global) for shares of Qoo10's logistics subsidiary 'Qxpress.' Although CEO Jang Yoon-seok's leadership was maintained after the acquisition, it was widely expected that new personnel from Qoo10 would be appointed to reorganize business strategies.
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Ryu, who became the head of TMON as the first personnel appointment after Qoo10 acquired TMON, is a member who created Gmarket together with Koo Young-bae, CEO of Qoo10, at Interpark. From 2001 to 2009, he served as Executive Director of Gmarket's business division, and after Gmarket was acquired by eBay, he served as Vice President of eBay Korea from 2009 to 2012. He then served as CEO of Qoo10 Hong Kong from 2012 to 2013, and from 2015 to 2017, he was co-CEO of Honeybiz, the operator of the delivery service 'Ddingdong.' Since last year, he has been serving as Vice President of Qoo10.
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