Latest news with #SamyangRoundsquare
Korea Herald
21-04-2025
- Business
- Korea Herald
Samyang Roundsquare CEO steps down, continues to lead global push
Vice Chair and CEO of Samyang Roundsquare Kim Jung-soo, known for revitalizing the company through the global success of the Buldak series, has officially stepped down from her position as CEO of the group's holding company, Samyang Roundsquare. Samyang Roundsquare announced Monday that Kim had officially resigned from the CEO role with the holding company earlier this month. Kim held the position for less than two years, having assumed the role in September 2023. She will continue to serve on the board of directors as an internal director, alongside her eldest son, Jeon Byung-woo, executive director at Samyang Foods. The company added that Kim will retain her role as CEO of Samyang Foods. Jang Seok-hoon, who currently leads the management support division at Samyang Foods, has been appointed as the new CEO of Samyang Roundsquare. Born in 1978, Jang holds a degree in economics from Seoul National University. As a certified public accountant, he has held multiple executive roles, including chief financial officer at Korean e-commerce firm WeMakePrice. Since 2023, he has been heading Samyang Foods' management support division and serving as an internal director. Industry observers expect Kim to concentrate on expanding global markets for key products like the Buldak series, while Jang will oversee groupwide management and financial operations at the holding company. 'This year marks a critical period for Samyang Foods, with the completion of its second factory in Miryang (in South Gyeongsang Province), the expansion of international business and ongoing customs challenges,' a Samyang Roundsquare official said. 'Kim is expected to focus on core business operations, while the appointment of CEO Jang signals a move toward a professionalized management structure as part of a broader effort to ensure sound corporate governance.' Kim is the daughter-in-law of Jeon Jung-yoon, honorary chair and founder of Samyang Foods. She joined the company during the 1998 IMF crisis, was promoted to general manager in 2017 and has held the roles of committee chair for environmental, social and governance efforts and head of global sales since 2021. Kim is widely credited with transforming Samyang Foods into a 1.34 trillion won ($945 million) export-driven powerhouse, based on outbound shipments last year.
Forbes
14-04-2025
- Business
- Forbes
Korean Couple Taste Global Success With Their Spicy Buldak Noodles
Kim Jung-soo. Samyang Roundsquare This story is part of Forbes' coverage of Korea's Richest 2025. See the full list here. Shares of Samyang Foods have been on the boil, up 265% over the past year, fueled by the raging popularity of its spicy Buldak (fire chicken in Korean) instant noodles. Their creator Kim Jung-soo is a newcomer this year with a fortune of $1.3 billion, which she shares with her husband Chun In-jang, the former chairman of the company. Kim was a stay-at-home mom until 1998 when she joined the ramen giant founded by her father-in-law. Inspired by crowds at a Buldak restaurant in Seoul, Kim launched the spicy noodles in 2012. Sales took off after social media posts with K-pop icons, such as BTS, tucking into bowls of Buldak ramen went viral. Samyang Foods reported a 45% year-on-year rise in revenue to 1.7 trillion won ($1.2 billion) in 2024 and a 114% jump in net profit to 271 billion won. Overseas sales, the bulk of which are from the U.S. and China, doubled during the same period, accounting for half of the total. Kim and her husband faced the heat in 2020 when they were convicted of embezzling some 5 billion won of company funds. While Kim, who maintained her innocence, got a suspended sentence and was eventually pardoned, her husband served three years in prison but still faces a trial over alleged tax fraud, a charge he's denied. Their son Jeffrey, a Columbia University grad, is being readied as her successor.
