CJ Cheiljedang conducted a reorganization and inaugurated the Food & Nutrition Tech (FNT) Business Division, the company said on Nov. 13.
The FNT Business Division plans to concentrate on nurturing alternative protein and cultivate protein, future value-added food sectors, and future food ingredient areas.
The new division aims to raise revenues from current about 1 trillion won to 2 trillion won in 2025.
In his e-mail message to executives and staff members, CJ Cheiljedang President Choi Eun-seok said, “CJ Cheiljedang has designated the business areas as the ones in which it will challenge greatly in the context of CJ Group’s four growth engines — Culture, Platform, Wellness and Sustainability (CPWS).”
Choi Hae-ryong, head of the Human Nutrition & Health Business, has been appointed to head the newly inaugurated business division.
The latest reorganization has restructured its business portfolio as such: food, bio, FNT, feed & care.
The FNT Business Division will not only develop next-generation raw materials, but also expand businesses tailored in relation to nutrition.
The new division will take into account the acquisition of contract development and manufacturing companies (CDMOs) and strategic investments.
As for alternative proteins with a great growth potential, the FNT Business Division aims to ramp up plant material technologies, now in place for products, such as “Bibigo” and develop new proteins designed to overcome the texture and smells, the limitations of soy meat.
CJ Group CEO Meeting Establishes 2023-2025 Mid-Term Strategies
CJ Cheiljedang has been hitting the gas to explore new businesses, since CJ Group Chairman Lee Jay-hyun had instructed the establishment of mid- and long-term strategies and their execution.
At a CEO meeting held at CJ Manpower Research Institute on Oct. 27, Chairman Lee called for the establishment of a vision encompassing the company philosophy “only one” and plans to make unmatched ones and execute them immediately next year.
CJ Group announced on Oct. 28 that it had held a “Group CEO Meeting” at the CJ Human Resources Center in Jung-gu, Seoul on Oct. 27.
The meeting was attended by all the CEOs of major affiliates as well as major executives of the holding company.
At the meeting, Chairman Lee Jay-hyun reviewed the one-year results of the mid-term vision announced in November last year, emphasized the direction of future growth, and requested that each company prepare a new set of mid-term strategies and implementation plan for the next three years.
“We are standing at a crossroads for 2023-2025 that will either take us on a path to becoming a major global player or on a path of decline by remaining complacent in the domestic market. We need all of you to quickly come up with a good plan that can be put into action immediately next year, and it should incorporate our ‘only-one’ philosophy to create a ‘super gap’,” stressed Chairman Lee.
The Chairman highlighted the importance of preparing for future growth on top of responding to the global economic recession in order to achieve quantum growth during the recovery period.
To this end, each CJ affiliate will start building a new set of mid-term strategies for 2023 to 2025, which will be completed this year with the goal of being implemented immediately.
The key themes of the mid-term strategy proposed by Chairman Lee were securing super-gap capabilities, accelerating innovative growth centered on the four growth engines, recruiting the best talent, and advancing financial strategy.
Chairman Lee said, “The next two to three years is critical to defining the Group’s future for which we must give our utmost.”
The reason for this early development of mid-term strategies less than a year after the announcement of the group’s mid-term vision is to, “respond flexibly to the business environment by continuing to establish a set 2 to 3-year strategies within a predictable range,” explained a CJ official.
At the meeting, the group’s CEOs reviewed the one-year performance following the announcement of the mid-term vision to determine whether the results exceeded or fell short of their goals, and reassessed next year’s initiatives.
In November last year, CJ announced that it would build a foundation for sustainable future growth by investing more than 10 trillion won, which was designed to focus on the four growth engines of C.P.W.S (Culture, Platform, Wellness, and Sustainability).
Various HR systems and organizational culture initiatives were enforced as part of this roadmap to create an environment that encourages talented individuals to work freely.
Since then, the Group has continued to see growth despite the global economic downturn, breaking the record for best sales outcome for the first time in its history, surpassing 10 trillion won in quarterly sales (as of the second quarter).