Ex-LG Elec purchase head named Starkist CEO

Dongwon Group, a South Korean seafood and logistics conglomerate, announced on Monday that it has appointed Um Jae-woong, LG Electronics Inc.’s former strategic purchase head, as new CEO of its US-based canned tuna affiliate Starkist Co. Um will take office on Nov. 1.

Starkist, one of the largest canned tuna producers in the US, is aiming to expand its product lines and grow as a general food company under Um’s leadership. The company makes up nearly 50% of the US canned tuna market and also sells processed chicken and salmon in the country and Latin America.      

Um has experiences in sales and purchase of pharmaceutical products and electric appliances in Korea, the US, Australia and Singapore.

He led global purchases in LG Electronics for 14 years since 2008. Prior to joining LG, he worked for biopharmaceutical giants Pfizer Inc. and Merck & Co. and tech conglomerate General Electric Co. He has graduated from United States Military Academy and served as an officer.

Starkist expects him to bring new visions to the firm with his experiences, not in food but in other industries, the company’s official said.

Dongwon Group acquired Starkist for $363 million in 2008, which was the largest deal by a Korean food company at the time. The canned tuna company is wholly owned by Dongwon Industries Ltd., a Korean seafood giant that will become the holding company of Dongwon Group on Nov. 1.

Starkist posted 901.8 billion won ($631.7 million) in revenue and 105.7 billion won in net profit last year, with a slight fall from 1.08 trillion won in revenue and 120.4 billion won in net profit during 2020, according to Financial Supervisory Service.

Its parent Dongwon Industries achieved 2.80 trillion won in revenue and 260.7 billion in net profit last year, also down from 2.86 trillion won in revenue and 306.5 billion in net profit during the previous year.

Write to Kyeong-Je Han at hankyung@hankyung.com
Jihyun Kim edited this article.