Woowa Brothers, owned by Germany’s Delivery Hero, appointed Pieter-Jan Vandepitte as interim CEO through a board meeting on the same day. The Belgian director will serve in this role until the new CEO is officially appointed, possibly next month.
Industry sources said there were rumors that Lee was under heavy pressure from the parent company to improve profitability. The company declined to comment.
Lee, who previously worked at the consulting firm McKinsey, joined Woowa Brothers in 2017 and assumed the role of CEO in January 2023.
He is credited with significantly contributing to the company's growth. He founded food delivery services such as the single-order delivery service Baemin 1 and broadened its reach into delivery commerce with projects like the quick commerce service B Mart and Baemin Store, a mobile delivery platform.
Under Lee's leadership, Woowa Brothers achieved a record-high revenue of 3.4 trillion won ($2.5 billion) in 2023, marking a 15.9 percent increase year-on-year, despite a slight decline in the overall food delivery market. Its operating profit surged by 65 percent to 699.8 billion won last year.
Following Delivery Hero's acquisition of Woowa Brothers in 2020, the company received more than 400 billion won in dividends.
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