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▲ Shin Chun-ho, Chairman of Nongshim Group, steps down from the post of registered director after 56 years. The photo shows a ceremony in 1996 at the completion ceremony of the office building in Shindaebang-dong, Dongjak-gu, Seoul. Seoul DB newspaper
Shin Chun-ho, 92, the founder of Nongshim, who led the 2 billion won ‘Ramen Myeongga’, will be retiring. After 56 years of leading Nongshim’s record performance last year, he stepped down as a registered director.
Nongshim announced on the 5th that he had decided not to reappoint Chairman Shin as chief executive officer at the ordinary shareholders ‘meeting held on the 25th of next month after meeting with the board of directors on the 4th. At the general shareholders’ meeting, it was also proposes an agenda to appoint Shin’s eldest son Dong-won Shin, Vice President Joon Park, and Vice President Lee Young-jin as CEOs.
The appointment of Vice Chairman Shin Dong-won is not on an agenda for next month’s general meeting of shareholders, but succession work is expected to take place in the future. At the end of September last year, Vice Chairman Shin is the largest shareholder with a 42.92% stake in Nongshim Holdings, a non-shim holding company. The three sons of President Shin are Vice President Shin, Dongyoon Shin, Vice President of Yulchon Chemical, and Dongik Shin, Vice President of Mega Mart.
President Shin founded ‘Lotte Industrial Co., Ltd.’ in 1965 and introduced its first product, ‘Lotte Ramen’, and established the first relationship with ramen. Although he was late, President Shin’s Nongshim released the first instant jajangmyeon in Korea in 1970, followed by Nongshim’s hit ‘Nongshim Ramyun’ in ’75. After changing the company name to Nongshim in 1978, in the 1980s, released a series of popular ramen noodles such as Raccoon, Yukgaejang Bowlmyeon, Anseongtangmyeon, Chapaghetti, and Shin Ramyun.
Nongshim has become a recognized ramen brand in the world. In 71, the first export of ramen was started, and in 1981, the Tokyo office in Japan and the San Francisco office in the US were established in 1984. In 1996, it established a subsidiary in Shanghai, China and started a production plant. After that, it established factories in Qingdao, China in 1998, Shenyang, China in 2000, and Los Angeles, USA in 2005. It recently established corporations in Australia and Vietnam.
Last year, Nongshim managed to target the global market, with sales of KRW 2,639.8 billion, 12.6% more than the previous year, and an operating profit of KRW 163.6 billion, 103.4% more than the last year. Both sales and operating profit are record highs.
Reporter Hong Hee-kyung [email protected]
