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Im Il-soon, CEO of Homeplus, who received attention as the first female CEO in the Korean hypermarket industry, announced his intention to resign after three years of inauguration.
According to the distribution industry and Homeplus on the 7th, CEO Lim announced his intention to resign during a video conference for executives.
According to the company, CEO Lim has already announced his intention to resign several times for personal reasons since the second half of last year, and the company recently accepted it.
It is known that MBK Partners, the major shareholder, held back this several times, but eventually decided to respect Lim’s intention.
Representative Lim did not specifically reveal the timing of his resignation, but the industry sees it as mid-month.
The company’s fiscal year begins in March, and usually in mid-January, final approval of the new year’s business strategy is expected, and it is expected that Lim will complete this work and leave.
A Homeplus official said, “I know that CEO Lim has set up an overall business strategy this year to minimize the gap caused by his resignation.”
Although CEO Lim’s resignation was a personal reason, some pointed out that the management environment of hypermarkets has been deteriorating recently and the resulting sluggish performance was a factor.
Homeplus recorded a net loss of 5322 billion won in 2019. Operating profit also significantly decreased from 3209 billion won in 2016 to 109.1 billion won in 2018.
Domestic hypermarkets, including Homeplus, cannot operate after 12pm according to the Distribution Industry Development Act. Unlike online competitors such as Coupang and Market Curly, the inability to deliver early morning delivery is a big blow.
CEO Lim talked about his regret about the regulatory environment for hypermarkets last year and said, “Data-based product sourcing, inventory management, and logistics processing are essential for the distribution industry including large marts to live.” It is for this reason that Homeplus devoted all its efforts to algorithm development.
Meanwhile, Lim was the first female CEO in the distribution industry, including the domestic hypermarket industry, and was the first to break the’glass ceiling’ among the people in the domestic distribution industry excluding owners.
Representative Lim made a relationship with Homeplus in November 2015 as Head of Finance (CFO, Vice President). Two years later, in May 2017, he became the head of the management support division (COO, senior vice president), and in October of the same year, he was promoted to the CEO and became the first female CEO in the Korean hypermarket industry.
During his tenure, CEO Lim also converted all of Homeplus’s 15,000 contract workers into full-time employees. At that time, Homeplus was evaluated as unconventional from both inside and outside, as it nominated its employees in arms contractors as’senior’, the existing full-time position without a separate subsidiary or job group.
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