bhc Holding Company Dismisses CEO Park Hyunjong... New CEO Appointed Director Cha Youngsoo (Comprehensive)

Global Gourmet Services (hereinafter GGS), the holding company of bhc, announced on the 6th that it has dismissed CEO Park Hyun-jong.

The GGS board of directors held a meeting that morning and unanimously resolved to change the CEO of GGS, excluding CEO Park from the attending directors.

Chayoungsoo, New CEO of GGS

The new CEO of GGS is registered executive director Cha Young-soo. CEO Cha is an Operating Partner at MBK Partners.

The board also resolved to dismiss bhc CEO Im Geum-ok and appoint director Lee Hoon-jong as CEO.

The change of bhc CEO will be finalized at the bhc board meeting on the 8th.

A GGS board official explained, "This decision was made to strengthen the corporate reputation and brand value of GGS and its subsidiary bhc, and to pursue sustainable growth in response to the worsening external business environment."

GGS, the holding company that owns 100% of bhc shares, has MBK Partners and another investor each holding 45% of its shares.

In 2018, MBK Partners invested in a consortium led by Park Hyun-jong, chairman of the bhc Group. The initial choice was mezzanine investment through convertible bonds (CB). Mezzanine investment involves investing in convertible bonds and bonds with warrants (BW), which are intermediate risk stages between bonds and stocks.

Subsequently, MBK Partners made aggressive investments even amid the investment sentiment contraction caused by COVID-19. Although initially investing through CBs, they converted the CBs into Redeemable Convertible Preferred Shares (RCPS) and then converted these into common stock.

After the investment, the corporate value steadily increased. In 2020, external institutions evaluated the corporate value of bhc Group at around 1.8 trillion KRW.

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