13년 만의 귀환, 정용진 회장의 '책임 경영'은 신세계의 구원투수가 될 것인가 > K-wave Trends

The core of this appointment is the implementation of 'responsible management' through Chairman Chung’s return as a registered director. Since 2013, although Chairman Chung led strategic decision-making, he did not hold a registered director position, which carries legal responsibility as a board member. While this dual structure may have been efficient for rapid decision-making, it was constantly criticized for the ambiguity of accountability regarding management performance. By taking on the heavy responsibility of CEO for both E-mart and Shinsegae Property, Chairman Chung has chosen a path where his management decisions will be directly evaluated by shareholders and the market. This is interpreted as a will to increase management transparency and re-establish strong leadership within an organization shaken by recent poor performance and various controversies.

Chairman Chung’s decision to personally oversee E-mart and Shinsegae Property reflects his intention to drive both the 'present' and 'future' of the group. E-mart is the core business and key asset of Shinsegae Group, serving as the pillar that guarantees the group's profitability as the largest shareholder of Starbucks Korea. Conversely, Shinsegae Property is a key subsidiary responsible for future growth engines, such as large-scale complex development projects like Starfield Cheongna and the construction of AI data centers. As CEO of these two companies, Chairman Chung plans to participate directly in board meetings to accelerate decision-making for massive projects and enhance business execution. Especially in high-tech fields like AI data centers, where technical understanding and rapid investment decisions are essential, the direct involvement of the group head is expected to create significant synergy.

The background of this reorganization was triggered by the recent 'Tank Day' marketing disaster that rocked Starbucks Korea. Due to the exposure of inappropriate promotional materials at the time, Chairman Chung and the entire Shinsegae Group faced public outrage and a fierce backlash regarding doubts about their management capabilities. While Chairman Chung quickly held those responsible accountable and issued a public apology to resolve the situation, the market demanded a fundamental overhaul of governance. In this context, the appointment of Shin Dong-woo, former head of the Support Division at Shinsegae Property, who is well-versed in finance and strategy, as the new CEO of Starbucks Korea reflects Chairman Chung’s determination to strengthen internal control systems and quickly restore management credibility.

A shift toward strategic role division is also evident in Chairman Chung’s management style. Both E-mart and Shinsegae Property maintain or supplement a co-CEO system between professional managers and Chairman Chung. If a development expert like the new Shinsegae Property CEO, Lee Hyung-cheon, is responsible for on-site operations and improving practical profitability, Chairman Chung focuses on the macroscopic perspective of enhancing mid-to-long-term corporate value and establishing future visions. This division of roles appears to be a strategic choice to secure organizational flexibility in a rapidly changing retail environment by combining the practical efficiency of professional managers with the bold decisiveness of an owner-manager.

The business world and the market are watching closely to see if Chairman Chung’s latest move will lead to a boost in Shinsegae Group’s stock price and corporate value. His return as a registered director is not just a restoration of honor, but a powerful signal to shareholders that he will "personally take responsibility for management." Chairman Chung now stands on a test bed where he must exercise voting rights and bear legal responsibility on the board, proving tangible management results to investors. From AG Global Holdings, a joint venture with Alibaba, to E-mart and Property, as the number of subsidiaries directly led by Chairman Chung increases, the pace of the group's overall structural improvement is expected to accelerate.