[THE INVESTOR] Korean retail giant E-Land Group said on Aug. 17 it had named Lee Yun-ju as its first female chief financial officer to lead its plan for setting up a holding company.
The new appointment comes after E-Land closed a deal selling its home and living brand Modern House to MBK Partners for 713 billion won (US$630 million). Following the sale, the group’s debt ratio is expected to fall to about 200 percent from as high as 315 percent in 2016.
With the cash newly secured, the group is expected to push forward with its plan to transform its affiliate E-Land World into a holding company, which it hopes will allow more transparent management of each subsidiary and improve profitability overall.
Lee, former CFO at E-Land Retail, is E-Land’s first female CFO, who will be responsible for managing financial risks across affiliates.
E-Land has also pushing to streamline its businesses ahead of the much-anticipated listing of E-Land Retail next year. The firm sought a KOSPI listing last year but the plan was delayed after its food business unit E-Land Park was involved in a labor dispute.
Prior to the Modern House deal, E-Land sold its clothing label Teenie Weenie to Chinese fashion house V-Grass Fashion for 877 billion won and five of its real estate assets to reduce its debts.
It also plans to sell two of its hotels and a ski resort to secure more cash.
By Park Ga-young (email@example.com)