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SEOUL, March 28 (AJP) - Celebrity chef and CEO of Theborn Korea, Baek Jong-won, apologized to shareholders Friday for recent controversies surrounding his restaurant franchise.
Speaking at the company's first meeting with shareholders since being listed on South Korea's main stock exchange in November, Baek said he was reflecting on his failure to manage the business more thoroughly.
The apology comes as Theborn Korea has faced a string of problems in recent months. These include allegations of mislabeling the origin of ingredients in its own products like soybean paste, and reports of a "staff blacklist" on an online cafe for its Saemaeul Restaurant brand. The company also dealt with a quality issue concerning its "Baek Ham" product earlier this year.
"I sincerely apologize for causing concern and disappointment to our shareholders due to the recent issues surrounding the origin labeling," Baek told shareholders.
Following the meeting, Baek told reporters that the company was re-examining its internal systems from the ground up.
"We will strengthen the origin management system, collaborate with external experts to enhance transparency, and establish an effective internal monitoring system," he said.
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Baek admitted that his initial approach to managing the company after it went public was too "simplistic."
"I mistakenly thought that if we just continued to increase sales, grow the company, increase profits, and try to reduce the burden on store owners, like we did before going public, everything would be fine," he said. "There were many mistakes in that simple thinking."
Looking ahead, Baek pointed to the company's global expansion plans as a way to boost the stock price.
"We are actively expanding our overseas business," he said, adding that the company would focus on promoting Korean food globally and improving its financial performance.
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