Gmarket CEO vows to reclaim lead with know-how from Alibaba, Coupang

The new chief executive of South Korea’s Gmarket Inc. on Monday pledged to drive the local retail giant Shinsegae Group’s online shopping platform operator to the top spot in the local market.

Chung Hyung-kwon, who led Chinese e-commerce behemoth Alibaba Group’s South Korean operation for six years, vowed to use his expertise built from his career in global information technology companies to reach the goal.

“I feel a strong sense of responsibility in assuming the position with the mission to innovate and reform Gmarket when the e-commerce industry is rapidly changing,” Chung said in an inauguration email to staff. “We will reclaim the leading position.”

“I am confident that we will achieve the challenging target once I, the new leadership and you, who have various experiences and expertise in the Korean e-commerce sector, form one team and move forward together.”

Shinsegae last month appointed Chung, also known by his English name Danny Chung, as chief executive of Gmarket, the group’s underperforming e-commerce unit.

MAJOR IT COMPANY VETERAN

Chung previously worked at Ant Group, Alibaba’s financial arm, South Korean fintech platform Kakao Pay Corp., as well as Coupang Inc., the country’s No.1 online shopping mall.

“I will do my utmost for the rapid development and innovation of Gmarket and you with my know-how and experience at global IT companies,” Chung said.

“Changes and processes to regain the top position will not be easy,” he said. “We desperately need communication and collaboration (among staff) to overcome the current turbulent period.”

Chung plans to prepare town hall meetings and other events for face-to-face gatherings with employees in the near term to share ideas about business direction and vision, a Gmarket official said.

Write to Sun A Lee at suna@hankyung.com
 

Jongwoo Cheon edited this article.