Gmarket CEO vows to regain the top with know-how from Alibaba and Coupang

The new CEO of South Korea’s Gmarket Inc. on Monday pledged to make local retail giant Shinsegae Group’s online shopping platform a leading player in the local market.

Chung Hyung-kwon, who headed the South Korean unit of Chinese e-commerce giant Alibaba Group for six years, has promised to use experience gained from a career at global information technology companies to achieve this goal.

“I feel a strong sense of responsibility to take on the role of innovating and reforming Gmarket as the e-commerce industry rapidly changes,” Chung said in an inaugural email to staff. “We will reclaim the top spot.”

“I am confident that we will achieve our ambitious goal when I, the new management team, and you, who have diverse experiences and expertise in the Korean e-commerce sector, form one team and move forward together.”

Last month, Shinsegae appointed Chung, also known by his English name Danny Chung, as CEO of Gmarket, the group’s struggling e-commerce unit.

VETERAN FROM LARGE IT COMPANIES

Chung also worked at Ant Group, Alibaba’s financial unit, and South Korean fintech platform Kakao Pay Corp., as well as Coupang Inc., the country’s largest online shopping mall.

“I will do my best to ensure the rapid development and innovation of Gmarket and you by leveraging my knowledge and experience in global IT companies,” Chung said.

“The changes and processes to regain the No. 1 position would not be easy,” he said. “We desperately need communication and cooperation between us to overcome this period of turbulence.”

According to a Gmarket representative, Chung plans to hold town hall meetings and other events in the near future where employees can meet face-to-face to share business directions and visions.

write to Sun A Lee at [email protected]

Jongwoo Cheon edited this article.