The massage chair manufacturing corporation Bodyfriend appointed Kwak Do-yeon and Kim Cheol-hwan as new co-CEOs.
Bodyfriend stated on the 8th that it held an extraordinary general shareholders meeting and board of directors meeting on the 7th to appoint Kwak Do-yeon and Kim Cheol-hwan as new co-CEOs. This action follows the resignation of co-CEOs Ji Seong-kyu and Kim Heung-seok.
New CEO Kwak Do-yeon has built a career in overseas business and sales at LOTTE Chilsung Beverage before joining Bodyfriend in 2013. Afterward, he played a pivotal role during Bodyfriend's rapid growth period, serving in key positions such as head of management, head of overseas business, and head of production. Last year, he took charge as head of sales and worked to stabilize performance amid challenging internal and external conditions.
New CEO Kim Cheol-hwan is a figure who has overseen overall management support as director of the management support office since 2023. He is regarded as a young talent who has strengthened the company's foundation over 13 years in key management areas such as financial strategy and the audit office since joining Bodyfriend.
A representative from Bodyfriend noted that "new co-CEOs Kwak Do-yeon and Kim Cheol-hwan are young leaders who have spent over 10 years at Bodyfriend, accumulating expertise in the healthcare appliance industry and practical on-site capabilities." The representative added, "Under the co-CEO system, CEO Kwak will focus on sales and research and development (R&D), while CEO Kim will concentrate on the management support institutional sector to aim for substantial improvements in the company's performance."
Meanwhile, there are voices suggesting that the co-CEO appointments at Bodyfriend might be related to a management rights dispute.
Bodyfriend was acquired in July 2022 by private equity fund (PEF) operators Stonebridge Capital and Han & Brothers. The equity share of the two private equity funds stands at 46.3%, making them the largest shareholders. However, Han & Brothers experienced conflicts with director Kang Ung-cheol, a co-founder of Bodyfriend with a 38.77% stake, and lost its qualification as a general partner (GP) of Bodyfriend, resulting in the loss of management rights.
Stonebridge Capital is participating in the management of Bodyfriend. Director Kang Ung-cheol is also active as a board member. Within the industry, it is believed that the newly appointed co-CEOs are very close to Director Kang, and the appointments were made primarily around him. A person familiar with Bodyfriend's internal affairs stated, "In effect, Director Kang Ung-cheol has taken control of Bodyfriend's board and management."