Lee Jay Hyun, CEO of South Korea’s food and biopharmaceuticals giant Cheil Jedang, has been promoted to co-chairman from vice chairman in a recent election.
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The company issued a statement earlier today [Thursday] explaining that Lee, who has served as CEO since 1998, is now to share chairman duties with Sohn Kyung Shik.
Lee was chosen, said the company, because Cheil Jedang needs a strong leadership to enable growth on the strength of the visible effect of restructuring.
Lee’s responsibilities as chairman remain unchanged from his duties as vice chairman; he will remain in charge of internal company matters, while Sohn will take care of external company affairs.
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