Kim Jeong-soo Appointed Chairman of Samyang Foods Amid Global Expansion

Samyang Foods has appointed Kim Jeong-soo as chairman to accelerate its global business expansion.

On May 15, the company announced that its board of directors approved Kim's promotion during a meeting held on May 12. He will officially take office on June 1. This marks a significant milestone for Kim, who was promoted from general manager to vice chairman in December 2021. The company stated that this decision aims to enhance accountability and respond to the growth of its global operations.

Kim is credited with transforming Samyang Foods from a domestic-focused company into a thriving export business. Following the international success of Buldak Bokkeumyeon, which gained popularity through YouTube in 2016, the company expanded its market reach to over 80 countries within two years.

As a result, the company’s financial performance has significantly improved. When Kim took office in 2021, the revenue was 642 billion won, which surged to 2.3517 trillion won last year. During the same period, the operating profit margin rose from 10% to 22%.

With Kim's promotion, the transition to a global management system is expected to accelerate. Currently, overseas sales account for 80% of Samyang Foods' revenue. The company is rapidly expanding its international business by establishing sales subsidiaries and production facilities in key markets, including the United States, China, and Europe.

This year, Samyang Foods plans to strengthen its business foundation to enhance regional and country-specific strategies. In addition to the ongoing construction of a factory in Jiaxing, China, the company is considering the establishment of additional regional offices.

Meanwhile, Samyang Foods reported record-breaking results for the first quarter of this year. Consolidated revenue reached 714.4 billion won, and operating profit was 177.1 billion won, marking increases of 35% and 32%, respectively, compared to the same period last year. Overseas sales also grew by 38% to 585 billion won, driving overall performance.