"We held a board meeting and appointed Lee Byung-man as CEO of Cosmax," Cosmax said on the 27th. "It is a system improvement to strengthen the competitiveness of the business company's main job and to strengthen the global competitiveness by securing future food for the holding company."
Lee Byung-man, the eldest son of Cosmax founder Lee Kyung-soo, joined Cosmax in 2005 and served as Cosmax CEO for three years from 2020, leading the expansion of the Chinese market and digital transformation. In 2023, he moved to represent the holding company and oversaw customized cosmetics and health functional foods.
With this appointment, Lee Byung-man will strengthen his core business within the group with Choi Kyung-young, CEO of Cosmax. Referring to "irreplaceable competitiveness" in his New Year's address, CEO Lee stressed the need to increase customized services to grow together with 4,000 customers around the world.
In particular, it will diversify more than 1,100 Chinese customers and actively target the Chinese cosmetics market worth 100 trillion won based on its new headquarters in Shanghai, which is scheduled to be completed next year.
The second son Lee Byung-joo, who was Cosmax CEO and Cosmax BTI CEO, will be the CEO of Cosmax BTI, a holding company. Since 2014, Lee Byung-joo has been serving as chief financial officer and chief operating officer of Cosmax's U.S. subsidiary to diversify its U.S. customers. Starting in 2023, he became the CEO of Cosmax and expanded K-beauty exports, leading the industry to win the "Top of $200 million Export" award for the first time.
CEO Lee Byung-joo will focus on discovering future growth projects with Heo Min-ho, CEO of Cosmax BTI (Vice President), a distribution expert from CJ Group. It will be in charge of discovering new foods such as establishing a customized cosmetics platform for artificial intelligence (AI).
[Reporter Lee Yoojin]
