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E-mart names Bain partner as new CEO

All News 15:13 October 21, 2019

SEOUL, Oct. 21 (Yonhap) -- E-mart Inc., South Korea's largest hypermarket chain, said Monday that it has named Kang Heui-seok, a partner at Bain & Company, as its new chief executive as the company grapples with declining sales.

Kang, a key member of Bain's retail and consumer products, will head E-Mart in the wake of the company's first-ever operating loss for the second quarter of this year.

E-Mart reported a net loss of 26.6 billion won (US$22.7 million) on a consolidated basis in the April-June period, compared with a net profit of 94.8 billion won a year earlier, amid growing competition from online shopping rivals and e-commerce giants.

The retailer posted an operating loss of 29.9 billion won for the second quarter.

It was the first time that E-Mart had recorded an operating loss since it was spun off from retail giant Shinsegae Group in 2011.

A graduate of Seoul National University with a bachelor's degree in law, Kang earned his MBA from the Wharton School of the University of Pennsylvania. Since joining Bain in 2005, he has served clients in a number of industries including retail and consumer products.

This photo, provided by E-mart Inc., South Korea's largest hypermarket chain, on Oct. 21, 2019, shows its new chief, Kang Heui-seok. (PHOTO NOT FOR SALE) (Yonhap)

khj@yna.co.kr
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