Nongshim said on the 21st that it has named Executive Vice President Cho Yong-chul (63), head of sales, as the new CEO and president effective on the 1st of next month.
The new president, Cho Yong-chul, is scheduled to be appointed CEO following a vote at the regular shareholders meeting in March next year.
Cho joined Nongshim in 2019 as senior executive director in charge of marketing and was promoted to executive vice president in 2022. Appointed this year as head of sales, Cho has recently overseen Nongshim's domestic and overseas sales.
Joining Samsung C&T in 1987, Cho served at Samsung Electronics as head of global marketing, Head of Team for Southeast Asia marketing, and head of the Thailand subsidiary.
A Nongshim official said the company's intent is to respond to rapidly changing global trends and build a sustainable future growth base in line with global standards by appointing a global expert with extensive experience and on-site acumen in overseas markets as CEO.
Third-generation owner family member Shin Sang-yeol (32), head of the future business office (senior executive director), will be promoted to executive vice president effective Jan. 1 next year. It comes about a year after the promotion to senior executive director in Nov. last year. After being promoted to senior executive director last year, Shin led the newly established future business office, taking charge of Nongshim's future direction, including new business development, global strategy, and investment and M&A.
Born in 1993, Shin graduated from Columbia University in the United States, worked as an intern at a foreign company, and joined Nongshim's management planning office in March 2019. At the end of 2021, at age 29, Shin became head of purchasing at Nongshim, becoming the first executive in the 20s age group and setting a record for a rapid promotion.
Meanwhile, Nongshim CEO Lee Byung-hak, who worked at Nongshim since the tenure of the late founder Chairman Shin Chun-ho, and Nongshim Holdings Vice Chairman and CEO Park Jun will step down. Park is regarded as the No. 2 figure who moved in step with the owner family at Nongshim since the founder's time.