Chung Yong-jin, chairman of Shinsegae Group, will serve as the inaugural chair of the board of Grand Opus Holding, a joint venture (JV) between Shinsegae Group and China's Alibaba International.
According to Shinsegae Group on the 11th, Chung was appointed chair of the board at a recently held shareholders' meeting of Grand Opus Holding. The board has five members in total, including James Jang, CEO of Gmarket, and Ray Zhang, CEO of AliExpress Korea, who will join the board. They will also serve as co-CEOs of the joint venture.
Jang Gyu-young, a senior managing director who handled finance at Emart, was appointed chief financial officer (CFO) to oversee day-to-day operations.
Shinsegae Group said, "Chairman Chung will ensure that the joint venture between Shinsegae Group and Alibaba lays the groundwork to lead the e-commerce market at home and abroad."
Shinsegae and Alibaba International established the joint venture (JV) Grand Opus Holding in a 50-50 investment on Sept. and incorporated Gmarket as a subsidiary.