Shareholders of CJ Group’s two main pillars -- CJ Corporation and CJ Cheiljedang -- approved a plan to replace the group’s ailing chairman Lee Jay-hyun from the board, officials said Friday.
Shin Hyun-jae, vice president of the group’s holding company CJ Corporation, and Huh Min-hoe, vice president of CJ Cheiljedang, will replace him, they said.
Citing his deteriorating health condition since 2013, chairman Lee has been replaced on the boards of CJ’s five affiliates, including CJ E&M, its thriving entertainment business.
CJ chairman Lee Jay-hyun
Joining the board of CJ Cheiljedang in 1994, Lee turned the food processing firm into an entertainment and food giant. A series of legal disputes, however, has weakened his control over the group.
Lee was sentenced to 2 1/2 years in prison by Seoul High Court last year over embezzlement and tax evasion charges. He has appealed to the Supreme Court, and is currently in a hospital awaiting the court’s decision. The chairman has had his jail term suspended several times, citing the need for medical treatment.
By Cho Chung-un (christory@heraldcorp.com)