Kim Yong-woo, the founding chairman of Douzone Bizon (012510.KS), a leading Korean enterprise software provider, has stepped down, with Vice Chairman Lee Kang-su and President Ji Yong-gu appointed as co-CEOs. The leadership change follows global private equity firm EQT's completion of its tender offer and management stake acquisition.
Douzone Bizon said in a regulatory filing on Thursday that it is "transitioning to a co-CEO structure led by Vice Chairman Lee Kang-su and President Ji Yong-gu to strengthen expertise across business divisions."
Lee joined Douzone Bizon in 1996 as head of its ERP division and has focused on solidifying the company's position in Korea's enterprise resource planning (ERP) market. Ji is an industry veteran who has been with Douzone Bizon for more than 20 years. He has overseen the company's growth strategy division since 2023 and led its overall artificial intelligence transformation (AX) initiatives.
On the same day, EQT completed its first-round tender offer and management stake transaction for Douzone Bizon, securing approximately 90% of the company's shares. Doronicum, a special purpose company (SPC) established by EQT, disclosed that it acquired 15,193,370 common shares of Douzone Bizon through the tender offer. The purchase of 9,881,736 common shares and 1,083,173 preferred shares previously held by Chairman Kim Yong-woo and Shinhan Financial Group, among others, was also completed. Doronicum's stake in Douzone Bizon was calculated at 89.8% on a basis excluding treasury shares and including preferred shares.