Daum’s boss says Jeju’s better for welfare of his employees

Daum Communications, a large Internet portal site in Korea, announced recently that it intended to move its headquarters to Jeju province, Korea’s southernmost island. The JoongAng Ilbo met with Lee Jae-woong, president of Daum, and asked him about the plans to move away from Teheran Street in southern Seoul, Korea’s digital industry nexus. Q: What made you come up with the idea? A: There are workers who must spend more than two hours a day to commute, and observing that they have to work in a small office, I thought about how hard it is to live in Seoul. I started this business nine years ago with a motto of “creating an enjoyable world through the Internet,” and it grew into a company with 140 billion won ($119 million) in revenues. For Daum to make more advances, I think we must create an environment where employees can work happily. Why Jeju? There are few leading companies in the United States that are headquartered in New York. I was also impressed when I visited the headquarters of Bertelsmann in Germany. It was in a small city with only 20,000 population, but Bertelsmann became a leading media group. I also thought about Chuncheon or Jeonju, but Jeju seemed ideal because it is an international free port. I also gave points to the less-polluted natural environment in Jeju. What is the reaction from your employees? Better than I would have thought. The Jeju provincial government offered cuts in corporate taxes, most of which I plan to invest in improving the welfare of our workers. What’s next? We will move in three stages. If the results of each are good, we will make the final decision in 2006 or 2007. by Yoon Chang-hee