Kim Jae-chul, one of the most well know entrepreneurs in the tuna sector, is stepping down from running South Korea’s Dongwon Enterprise to give control to his son, reports Pulse News.
The 84-year-old Dongwon founder, known as “JC Kim” in the industry, is expected to play an advisory role to his 46-year-old son Kim Nam-jung, who will be promoted from his current post as vice president.
Kim made the announcement at the company’s 50th year anniversary ceremony Tuesday, saying it was time to make room for the younger generation.
He started Dongwon Industries in 1969 with two employees and one fishing boat. In 1982, Dongwon introduced Korea’s first canned tuna brand and has since grown to become the country’s largest fishing company and one of the largest in the world.
Dongwon has also expanded globally, adding US tuna cannery StarKist & Co. in 2008. The company is currently in legal hot water in the US, however, facing a fine of up to $100 million for price fixing.
StarKist has tentatively agreed to pay at least $50 million to the US Government as a penalty for its participation in the conspiracy to fix canned tuna prices.
But paying the maximum $100 million fine could “bankrupt” the company, its general counsel Scott Meece told San Francisco, California-based federal judge Edward Chen in a hearing on Nov. 14 last year.
