SEOUL: Woowa Brothers Corp., the operator of the South Korean online delivery platform Baedal Minjok, commonly known as Baemin, announced the appointment of Kim Bum-seok as its new Chief Executive Officer. Kim, a seasoned expert in global mobility platforms, steps into the role with a mandate to lead the company in securing new avenues for growth.
According to Yonhap News Agency, Kim assumed the CEO position on Thursday, succeeding Pieter-Jan Vandepitte, who served as the interim CEO of Woowa Brothers. Kim brings a wealth of experience from his tenure managing various startups and on-demand platform businesses, notably including the Turkey operations for Uber and the food delivery app Glovo.
Woowa Brothers expressed optimism that Kim's global experience and expertise in on-demand platforms will be instrumental in driving the company's growth and sustainability. The South Korean food delivery market is among the largest in the world, supported by the country's high smartphone penetration and densely populated regions.
In a significant development in December 2019, German online food delivery service Delivery Hero acquired Woowa Brothers for $4 billion, marking a pivotal moment in the company's history. Delivery Hero currently holds a 99.07 percent stake in Woowa Brothers, solidifying its influence in the South Korean market.
Statistics Korea reported a sharp increase in the country's online food delivery market, which expanded to 26.4 trillion won ($18 billion) in 2023 from 2 trillion won in 2017. Baemin has maintained a dominant position, accounting for 57 percent of the market as of November last year, with competitors Yogiyo and Coupang Eats sharing the remainder, as indicated by data from market tracker Mobile Index.