October 31, 2022
(press release)
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Purchasing expert with experience in various global businesses such as the United States, Australia, and Singapore - Starkist expects to leap from 'America's No. 1 Tuna Company' to 'General Food Company' In order for Dongwon Group to respond quickly to changes in the internal and external business environment and to leap forward as a global living industry company, it is carrying out the appointment of the CEO of Starkist, an American affiliate. Dongwon Group announced on the 31st that it will appoint Jae-woong Um, former managing director of LG Electronics, as the new CEO of Starkist, an American affiliate, as of November 1. After graduating from the U.S. Military Academy and serving as an officer in the U.S. Army, the new CEO Um Jae-woong was in charge of sales and strategic purchasing at various global companies such as Pfizer, GE, and Merck. Since 2008, he has led the purchasing organization at LG Electronics for 14 years. Dongwon Group expects CEO Um to lead Starkist's sustainable growth based on his global business experience in Korea, the US, Australia, and Singapore. Starkist will take a new leap forward by selecting CEO Um, who has accumulated experience in various fields such as electronics and pharmaceuticals, as the next head of the company. In particular, based on local distribution networks in the US and South America, the company plans to take a step forward from 'the No. 1 tuna company in the US' to a 'comprehensive food company' by expanding product lines and diversifying businesses. An official from Dongwon Group said, “Amidst the growing uncertainty in corporate management around the world, we expect that CEO Um, who has accumulated capabilities in various global business areas, will present a new perspective and vision that will advance Starkist one step further.” Meanwhile, Starkist is the world's top tuna company and the largest company in the processed tuna market in the US. Dongwon Group succeeded in turning to black in half a year by acquiring Starkist for $363 million, the largest M&A deal in the domestic food industry at the time. Starkist has grown rapidly in both sales and operating profit, establishing itself as a core affiliate with sales of about 1 trillion won. Starkist's market share in the canned tuna market in the US has risen from about 35% in 2008 to about 50% now.
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