'Bodyfriend Founder' Kang Woongcheol, Former Chairman, Returns as Inside Director

Appointment of Former Chairman Kang as Inside Director at the Shareholders' Meeting on the 25th
Scheduled to Participate in Key Future Management Activities

Kang Woong-cheol, the founder of Bodyfriend and former chairman of the board, has returned as an inside director.

Bodyfriend Headquarters Exterior [Photo by Bodyfriend]

On the 26th, Bodyfriend announced that it held a shareholders' meeting the previous day and resolved agenda items including the appointment of former Chairman Kang as an inside director.

A Bodyfriend official stated, "The significant turnaround in sales and operating profit this year was influenced by former Chairman Kang's contributions," adding, "Going forward, Kang will participate in key management activities based on his sense of responsibility as the founder and his excellent insight into product development, research and development (R&D), and sales and marketing strategies that customers desire."

Former Chairman Kang is recognized as the first person in the healthcare industry to establish a rental system. He is credited with elevating the core technology of massage chairs by recruiting specialists from various fields to organize the Medical R&D Center. It is also known that many massage technologies and business model patents that surpass those in Japan originated from Kang's ideas.

A Bodyfriend official said, "With Kang's appointment as an inside director, we expect acceleration in the improvement of sales performance, including healthcare robot R&D and exports."

However, Kang's ongoing prosecution for embezzlement and misappropriation of company funds is expected to be a variable in management activities. Since 2022, when private equity funds Stonebridge and Han & Brothers jointly acquired management rights of Bodyfriend, conflicts have arisen between Kang and the limited partners (LPs) who invested in the private equity funds. Some LPs reportedly argue that Kang's return to management could be unfavorable for Bodyfriend's public listing.

The shareholders' meeting saw participation from 95.8% of the total shares with voting rights, including proxy shareholders. Additionally, all agenda items, including the audit report, business report, approval of the 17th financial statements, approval of director and auditor remuneration limits, dividend approval, and appointment of inside directors, were passed.

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