Dongwon Group chairman and founder Kim Jae-chul speaking during the group's 50th anniversary event

Dongwon founder quits, hands over power to son Nam-jung

SOUTH KOREA
Tuesday, April 16, 2019, 19:50 (GMT + 9)

Dongwon Group chairman and founder Kim Jae-chul has wrapped up his 50-year career in fisheries with the 84-year-old chief announcing his retirement today.

"I will step down from the chairman's post, counting on our employees' capabilities and watch and root for your performances," Kim said during the group's 50th anniversary event at Dongwon Leaders Academy in Icheon, Gyeonggi Province.

Dongwon Group chairman and founder Kim Jae-chul ►

Kim started Dongwon Industries in 1969 and has grown it into Korea's largest deep-sea fishing company. He expanded the business to the food industry by establishing Dongwon Food in 1981 and introduced the country's first canned tuna product the following year. More than 6.2 billion Dongwon canned tuna products have been sold.

The group has been involved in many fields such as food processing and distribution, marine logistics, packing material and construction.

"When Dongwon was established in 1969, mankind first stepped foot on the Moon. While advanced countries challenged the Moon landings, Dongwon cast a fishing rod waiting for tuna to take the bait. But after working hard by the sweat of our brow, Dongwon is now leading in the primary, secondary and tertiary industries," he said.

"Dongwon made inroads into the overseas market and now has some 20,000 Dongwon family members in Korea and abroad. This is the result of the blood-sweating work of former and current family members of Dongwon."

YouTube video: Dongwon Group

Kim's announcement to retire as chairman is the result of much thoughtful consideration ahead of the group's 50th anniversary, the group said. 

Dongwon explained he decided to retire as he has fulfilled his responsibilities as a founder and he is looking to give more chances to the younger generation.

Way back in 1969, Dongwon believed that by investing in the fishing industry Korea could create for itself a bright future

The firm said Kim is expected to have an advisory role. It added his second son Nam-jung will take control of the group as the 46-year-old will be promoted from his current post as vice chairman.

Author: Baek Byung-yeul / koreatimes.co.kr | Read full article here

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