Kim Bom out at Coupang Corp., still CEO of Coupang Inc.

Industry

Published: 17 Jun. 2021, 16:54 Updated: 17 Jun. 2021, 19:09

Kim Bom out at Coupang Corp., still CEO of Coupang Inc.

From left to right: Kang Han-seung, representative director and board chairman of Coupang Corp.; Jeon Joon-hee, vice president of Engineering – Rocket DeliveryFTS (Fulfillment and Transportation System); Yoo In-jong, vice president of logistics safety. [COUPANG]

Kim Bom has resigned as the chairman of the board and as a registered director of Coupang Corp, the wholly-owned Korean subsidiary of New York-listed and Delaware-incorporated Coupang Inc.

Since Coupang Inc. went public in the United States in March, its stock has performed poorly, opening at $63.50 and peaking at $69.00 only to fall below its IPO price of $35.00.

Investors in the United States have expressed dismay after losing so much money on a company that was so heavily promoted prior to the listing.

Coupang Corp., the second-largest e-commerce operator in Korea, on Thursday announced that Kim resigned from the roles in Korea “to be committed to global management following the listing on the New York Stock Exchange.”

The announcement was made half a year after Kim’s resignation as Coupang Corp. CEO in December and his shift in responsibilities to developing strategies and directing innovation.

The ending of all his duties at Seoul-based Coupang Corp was formalized at a shareholder meeting on June 11. Kim remains the CEO and board chairman of Coupang Inc.

Kang Han-seung, a Coupang Corp. representative director, has replaced Kim as board chairman of the Korean entity.

Jeon Joon-hee, vice president of Engineering – Rocket DeliveryFTS (Fulfillment and Transportation System) and Yoo In-jong, vice president of logistics safety, have been named as registered directors following Kim’s resignation.

Jeon, a former software engineer at Google and Uber, will accelerate technological development, while Yoo will strengthen corporate policies that are designed to improve conditions for company workers.

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