Baek Jong-won, the representative of Theborn Korea, officially apologized to shareholders, saying during his speech at the regular shareholders' meeting held on the 28th, “I deeply reflect on my shortcomings in management and sincerely apologize.”

On that day, Baek appeared in a dark navy suit 10 minutes before the start of the meeting.

Baek Jong-won, the CEO of Theborn Korea, bows and greets the reporters at a meeting space in Seocho-gu, Seoul, where Theborn Korea's shareholders' meeting is held on the 28th. /Courtesy of News1
Baek Jong-won, the CEO of Theborn Korea, bows and greets the reporters at a meeting space in Seocho-gu, Seoul, where Theborn Korea's shareholders' meeting is held on the 28th. /Courtesy of News1

In his speech, he noted, “Despite achieving the best performance since our founding, I deeply apologize for causing concern and disappointment among shareholders due to the recent issues regarding origin labeling.” He also stated, “I am currently reassessing the company's internal systems from scratch as a result of this incident.”

This is the first time that Baek has officially apologized in front of shareholders.

He said, “I am currently reassessing the company's internal systems from scratch as a result of this incident.”

He added, “I will strengthen the origin management system and collaborate with external experts to enhance transparency and establish an effective internal monitoring system.”

Baek Jong-won, the CEO of Theborn Korea, examines the agenda ahead of the regular shareholders' meeting held on the 29th at the Space Share Gangnam Station Center in Seocho-gu, Seoul. /Courtesy of News1

Moreover, Baek stated, “To regain customer trust, I will not only implement a system for disclosing origins but will also continuously push for improvements in menus and services,” and emphasized, “I will strengthen communication with shareholders.”

Finally, he emphasized, “I will transparently disclose improvement plans and outcomes through regular progress reports.”

At this shareholders' meeting, Theborn Korea approved the agenda items such as financial statements and director remuneration limits as originally proposed.

Separately, he emphasized the need to strengthen the competitiveness of existing institutional sectors (franchising, distribution, and hotels), ensure continuous growth, and develop regional projects as well as expand B2B (business-to-business) transactions and online distribution (own mall) as tasks the company must address.

He also noted that to promote potential synergies, including food technology in the food and beverage (F&B) sector, he would pursue mergers and acquisitions (M&A) as well as equity investments.