Monami, a Korean stationery company, appointed Song Ha-yoon as vice chairman and CEO on Monday. Song Ha-yoon is the third son of the late founder and honorary chairman Song Sam-seok.
Song Ha-kyung, the founder's eldest son who served as chairman, was named honorary chairman. Song Jae-hwa, the eldest son of Song Ha-kyung and head of corporate planning, was promoted to president, signaling the start of third-generation management.
The new CEO joined Monami in 1992 and rose through the ranks as executive vice president and senior vice president before being appointed president in 2018. Song Jae-hwa joined the company in 2014 and has accumulated hands-on experience overseeing corporate planning.
Monami said the leadership change will serve as a springboard for its ambition to become a "100-year company," with a focus on securing sustainable growth drivers. The company plans to accelerate new business development to transform itself from a traditional stationery manufacturer into a total solutions provider covering all aspects of lifestyle.
"This management reshuffle is an inevitable step to strengthen the company's mid- to long-term growth foundation and build an organizational structure optimized for the changing market environment," a Monami official said. "We will continue to proactively respond to market changes and make every effort to enhance business competitiveness, achieve sustainable growth, and increase shareholder value."