South Korea: HiteJinro changes CEO after 14-year tenure

HiteJinro announced on December 8 that it has promoted Jang In-seop, 58 years old, head of the management division, to vice president and designated him as CEO.

Kim In-gyu, 63 years old, who has served as CEO since the 2011 merger of Hite Beer and JINRO, will step down after 14 years.

HiteJinro stated, “The new management structure is part of future growth strategies to overcome stagnation in the domestic alcohol market and actively expand into overseas markets.”

Jang, the vice president-elect set to be officially appointed as CEO at a temporary shareholders’ meeting on the 30th, joined JINRO and has overseen legal and external cooperation tasks in the management division at HiteJinro.

Outgoing CEO Kim, who is handing over the leadership position, was the longest-serving CEO among major domestic food and beverage companies. During his tenure, he solidified the company’s top position in the soju industry and contributed to narrowing the gap with the leader in the beer market.