Nongshim Oner third-generation Shin Sang-yeol, an executive vice president, is set to join the board next month. After being promoted to executive vice president at the end of last year and now moving through the process to be appointed as an internal director, Shin appears to be further strengthening his standing within the group.
According to the food industry on the 22nd, Nongshim plans to put forward an agenda item to appoint Shin as an internal director at the regular shareholders meeting to be held on the 20th of next month. If the agenda passes, Shin will join the board and take part in major management decision-making.
Shin is the eldest son of Nongshim Chairman Shin Dong-won and the grandson of the late founder Shin Chun-ho, and since joining the company in 2018 has received management training focused on strategy and management control. After being promoted to executive vice president at the end of last year, seven years after joining, he will join the board as an internal director this year.
Shin currently heads the Future Business Office, which oversees new businesses and global operations. Through its "Vision 2030," Nongshim has set a goal of achieving 7.3 trillion won in sales and a 10% operating margin, and plans to raise the share of overseas sales from the current roughly 40% to more than 60%.
Accordingly, there is an outlook that Shin's role will grow further as the company pursues mid- to long-term key tasks such as global expansion and M&A (mergers and acquisitions).