‘BGF Group Second Son’ Hong Jeong-hyeok Promoted to President... Second-Generation Management Begins in Earnest

Fostering Material Business Sector, Strengthening Responsible Management

President Hong Jeong-hyeok (from the left), Executive Director Ryu Cheol-han, Executive Director Min Seung-bae. (Photo by BGF Group)

[Asia Economy Reporter Lim Chun-han] Hong Jung-hyuk, the second son of Hong Seok-jo, chairman of BGF Group, has been promoted to president, marking the official start of second-generation management.

On the 15th, BGF Group announced its "2023 organizational restructuring and regular personnel appointments." Vice President Hong, who is CEO of BGF Ecomaterials and head of BGF New Business Development Office, was promoted to president to actively foster the materials business sector, a new growth engine, and to strengthen responsible management. Executive Directors Ryu Cheol-han and Min Seung-bae were promoted to Senior Executive Directors and will respectively take charge of BGF Retail's Management Support Division and Finance, and BGF Retail's Sales and Development Division. Lee Won-tae, Seo Ki-moon, Park Jun-yong, and Hong Cheol-gi were appointed as new Executive Directors.

This organizational restructuring was designed to enhance management efficiency and expertise by redefining the roles of the holding company and operating companies, allowing the company to focus on its core business objectives. The main principles include proactive response to change and securing competitive advantage through strengthening internal capabilities. In line with stabilizing field organizations, adjustments to regional departments and team expansions will be pursued, and new teams such as the Infrastructure Operations Team for online and offline and global expansion, and the Liquor TFT Team to respond to the expansion of the liquor market, will be established. An ESG (Environment, Social, Governance) team, a dedicated organization to strengthen social responsibilities, will also be created.

A BGF Group official stated, "To prepare new growth engines for the company, we will establish a new organizational system that pursues future changes rather than past experiences, and select young and talented individuals with performance-oriented potential capabilities to promote sustainable growth."

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