Coway nominates current CFO as co-CEO

Coway has nominated Seo Jang-won, the current chief financial officer and an expert in strategic planning, as the new co-chief executive officer to strengthen its overseas businesses, the company said Sunday.

The electronic home furnishing rental firm said Seo’s promotion has been decided in the latest senior executive reshuffle, and the official appointment will be in a board meeting slated in February.

With the reshuffle, the company will be led by two chiefs, the incumbent CEO Lee Hae-sun and Seo.

“We expect the new co-CEO Jangwon Seo to strengthen the company’s core competency in strategic planning and global competitiveness in addition to the stable business management of current CEO Hae-Sun Lee,” said Coway in a press release.

“Coway will push forward to overcome the internal and external challenges under COVID-19, to enhance synergy with Netmarble Corp., and to lay the foundation for Coway’s successful expansion to the global market.”

A South Korean gaming company Netmarble acquired a controlling stake in Coway for 1.7 trillion won in December 2019.

According to Coway, Seo was a senior US attorney at Shin & Kim, a major law firm in Korea, and thereafter, served as chief investment officer and chief communications officer at Netmarble, before joining Coway.

Seo holds a Bachelor’s degree in economics from Westminster College and a Juris Doctor Degree from the University of Connecticut School of Law, the company added.

Coway said it wants to expand its home appliances business to global markets such as the United States, Malaysia, Thailand, Indonesia and Vietnam.

By Jo He-rim (herim@heraldcorp.com)