Korea's top food delivery app CEO to give away $90 mn to employees, deliverymen

Kim Bong-jin, founder and CEO of South Korea’s top food delivery app operator, Woowa Brothers Corp. who had pledged half of his fortune to a global charity will share his stock and cash wealth worth 100 billion won ($88 million) with employees and deliverymen in show of appreciation for their contribution to the company.

The giveaway is separate from Kim’s earlier donation pledge. Kim vowed to donate more than half of his wealth, which is estimated to near $1 billion, to society.

The shares will be given out to all 1,700 employees in Korea and overseas. Those who joined the company after 2020 are entitled to receive shares worth 20 million won and those before 2020 will receive 50 million won worth of shares on average depending on their service years.

The employee gifted shares will be distributed three years later under a contract with Germany's Delivery Hero (DH) that bought Woowa Brothers, the operator of delivery app Baedal Minjok or Baemin, last year.

Woowa Brothers said there is no mandatory tenure to receive the shares, and all employees will receive shares even if they quit work before 2024. Riders who do not belong to the company are also entitled to receive shares worth up to 5 million won per person if they meet specific work conditions. Contract-based riders, warehouse workers and part timers will receive incentives of 1-1.5 million won per person.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]