Former Nike exec joins Coupang

Coupang named a former Nike and Walmart finance executive as the leader of its accounting team, the e-commerce giant said in a statement on Friday.

Coupang said Michael Parker has been named as chief accounting officer, adding another high-profile figure from abroad. Last month, the e-commerce operator added Kevin Warsh, a former U.S. Federal Reserve governor, to its board.

Michael Parker

“I was attracted to Coupang because the company is revolutionizing the e-commerce industry and transforming customers’ lives,” said Parker. “Coupang has a huge selection of items and has created a delivery system that goes right to the customer’s home. That makes it possible to deliver millions of items in hours and pick up returns at the customer’s door without a shipping label. This doorstep service is solving the problems that have challenged other e-commerce companies.”

Before joining Coupang, Parker served as vice president of controller, governance & reporting at Nike.

He was responsible for Nike’s external and SEC reporting, technical accounting and policy and internal controls governance, according to Coupang.

Parker has also held executive accounting positions in various firms, including Walmart.

A rapidly growing company, Coupang has been aggressively expanding its business in the e-commerce industry. Earlier this year, it rolled out a trial service for the food delivery service Coupang Eats.

The aggressive investment, however, has resulted in snowballing debt.

Coupang last year posted more than 1 trillion won ($890 million) in operating losses.

BY JIN MIN-JI [jin.minji@joongang.co.kr]