The overhaul replaces the company's two-pronged structure with three units: lifestyle food, technology materials and core materials. The firm said Wednesday it would move decisively to wind down low-margin, low-growth businesses that no longer fit its ambitions.
"We aim to transform our corporate DNA into a stronger business structure and maximize competitiveness to evolve into a global lifestyle leading company," said Chief Executive Yoon Seok-hwan, who framed the shake-up as a push to seize future growth opportunities.
The lifestyle food division will serve as a "Global K-Food Center," carrying products such as dumplings, chicken, processed rice, sauces and kimchi under the flagship bibigo brand to consumers worldwide.
The technology materials unit will pursue high-value markets through offerings including nucleic-acid seasonings and the eco-friendly plastic material PHA, while the core materials arm will knit together feed amino acids, sugar, flour and newer ingredients such as allulose to shore up profitability.
CJ CheilJedang tapped seasoned executives to lead each arm, naming Gregory Yep, a three-decade veteran of the global food and nutrition industry, to head lifestyle food.
Yoon will concurrently oversee technology materials, while Kim Chan-ho, head of the strategic support division and a former CJ Foodville chief, will take charge of core materials.
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