Vice Chairman Shin Dong-won of Nongshim Group. (Photos: Nongshim Group)

Nongshim Vice Chairman Shin Dong-won is set to take the helm of Nongshim Group following in the footsteps of his father, the late chairman Shin Chun-ho, who died on March 27.

The late chairman Shin was not reelected as an inside director of the board of Nongshim Holdings, the holding company of Nongshim Group, at a regular shareholders’ general meeting held on March 25 two days before his death.

Vice Chairman Shin Dong-won was reelected as an inside director, along with Vice Chairman Park Joon, during the shareholders’ meeting. Senior Executive Vice President was appointed as a new inside director.

Vice Chairman Shin is an heir-apparent and the eldest son of the late chairman Shin Chun-ho. The younger Shin entered Nongshim in 1979.

He had been groomed as heir to take over management from his father as he had held positions such as Nongshim’s executive vice president and senior executive vice president.

He has been involved in the management of Nongshim since 2000, when he was promoted to vice chairman.

Vice Chairman Shin has been credited with contributing to Nongshim posting the best-ever business performance last year.

Nongshim logged 2.639.8 trillion won in sales last year, a 12.6 percent surge over the previous year, and 160.3 billion won in operating profit, a 103.4 percent jump, on the back of home isolation due to the COVID-19 pandemic, and the effects of so-called Chapaguri (Chapagetti+Neoguri).

Recently, Nongshim has been expanding its global strategy centering on “Neoguri” and “Chapagetti,” Nongshim’s two representative ramyun products.

This is due to the popularity of Academy award-winning film “Parasite,” leading people to pay much attention to so-called Chapaguri as a major character enjoys Chapaguri in the movie.

Nonshim’s ramyun products have established themselves as foods favored by Americans on top of Asians.

Late Shin Ramyun Tycoon Passes Away at 92

The late chairman Shin, who died at age of 92 on March 27, had been called “Living Legend” since he was involved in making ramyun and snack products despite his advanced age until his death.

The late chairman Shin was the second younger brother of the late chairman Shin Kyuk-ho, the founder of Lotte Group.

The late chairman Shin Chun-ho, who once led Lotte, was separated from Lotte Group in 1978. It was confirmed that the late Nongshim chairman Shin donated 1 billion won to Seoul National Hospital before his death.

The late Shin was bereaved by three sons and two daughters. Nongshim Group’s management structure has been preset with a focus on three sons — Vice Chairman Shin Dong-won, Vice Chairman Shin Dong-woon of Yulchon Chemical, and Vice Chairman Shin Dong-ik of Mega Mart.

Vice Chairman Shin Dong-won is the biggest shareholder of Nongshim Holdings, the holding company of Nongshim Group. He has a 42.9 percent stake in Nongshim Holdings, a quite more than Vice Chairman Shin Dong-woon’s 13.18 percent stake.

Shin Yoon-kyung, the second daughter of the late chairman Shin, holds a 2.16 percent stake. She is the wife of Amorepacific Chairman Suh Kyung-base. Kim Nak-yang, the widow, has a 0.23 percent stake.