CJ Group, one of South Korea’s largest conglomerates, appointed CJ Cheiljedang Corp. CEO Kim Chul-ha as the group’s vice chairman and CJ Korea Express Co.’s CEO Park Keun-tae as president, CJ said on Monday. The group also gave promotions to 50 executives in its latest management shake-up that was conducted three months ahead of schedule in order to get its businesses back on track as soon as possible.

The group had announced an ambitious plan in 2010 to achieve 100 trillion won ($90 billion) in sales by 2020, but the attempt was largely interrupted when its chairman Lee Jae-hyun was convicted of embezzlement, breach of trust and tax evasion in 2013. Now with Lee back at the helm after receiving President Park Geun-hye’s special pardon marking the 71st Liberation Day on August 15, the group is gearing up to achieve the goal by reorganizing businesses and conducting mergers and acquisitions aggressively.

The new vice chairman Kim, who studied microbiology at Seoul National University, had joined CJ Cheiljedang in 2007 and was appointed as a chief executive in 2011. He had played an important role in expanding the company’s business portfolio into bio and new food ingredient business by strengthening research and development.

Kim also served as a member of the group’s emergency management committee with chairman Sohn Kyung-shik, vice chairman Lee Chae-wook and Lee Mi-kyung during the absence of Lee Jae-hyun and successfully filled the leadership vacuum. In addition, CJ Cheiljedang has been showing a stellar performance with robust sales and profits despite the industry’s prolonged slump.

With Lee Jae-hyun expected to focus on the treatment of his inherited neurologic disorder and Lee Mi-kyung also suffering from health issues, Kim, Sohn and Lee Chae-wook would lead the group for the time being.

The group’s new president Park Keun-tae spearheaded the group’s Chinese operations since 2006 and was appointed as CJ Korea Express’s CEO last year to double the role.

In this management reshuffle, CJ E&M CEO Kim Sung-soo and CJ Engineering & Construction Corp.’s CEO Kim Chun-hak have been promoted to senior vice president. CJ Olive Networks Co. CEO Heo Min-ho has been promoted to vice president and CJ Foodvill CEO Jung Moon-mok to assistant vice president.

By Jeon Ji-hyun and Seo Jin-woo

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