Founder of Korea’s leading food delivery app resigns as board chair

Kim Bong-jin, the founder of Woowa Brothers Corp. [Photo provided by Woowa Brothers]

Kim Bong-jin, the founder of Woowa Brothers Corp. the operator of Korea’s largest food delivery platform, Baemin, is resigning from his position as the chairman of Woowa Brothers’ board of directors.

It has been five months since February when he resigned as the chief executive officer of Woowa Brothers after founding the company 13 years ago. He is planning to serve as a advisor to Woowa Brothers in the future. It has been reported within the company that there is a possibility that he will venture into new areas of entrepreneurship.

According to industry sources on Friday, Kim announced in an email sent to all Woowa Brothers employees in the morning, “The time we spent together with our members was filled with so much happiness. However, passion is a task that burns too hot and exerts too much power, so it needs a good rest to be completed as a good period. Now I am going to mark a big period in my life.”

According to Woowa Brothers, Kim expressed his resignation from the chairman position of Woowa Brothers as well as the chairman and executive director position of Woowa DH Asia Pte. that same day.

However, he will take an advisory role at Woowa DH Asia. In the email, he promised, “Our connection with Baemin will continue,” and said, “As an advisor, I will continue to provide support and contribute to the passionate challenges.”

This decision by Kim is seen from an industry perspective as not unrelated to Woowa Brothers’ achievement of its highest performance ever last year. Some also suggest that it was an already predetermined course since he stepped down from the CEO position in February.

Woowa Brothers recorded sales of 2.95 trillion won ($2.26 billion), an increase of 47 percent compared with the previous year, and operating profit of 424.1 billion won, marking its first-ever turnaround into profitability since its founding. The operating profit margin is 14.4 percent.

Kim also mentioned his new challenge on this day. He said, “‘There is no such thing as a lifelong job. Become the best and leave.’ This phrase is written in our company space. It’s what I wrote for your wonderful challenges. I remember that thought passing through my mind.”

He continued, “Now I want to take on a new challenge in the field of design, which is what the ‘managing designer’ truly enjoyed. I also want to help juniors who want to take on the world. When I think of all of you, the only words that come to mind are ‘thank you.’ Thank you, thank you, and thank you,” he concluded.

Kim founded Woowa Brothers in 2010 and grew Baemin, the food delivery platform, into the number one application in the industry.