Coupang appoints ex-Walmart executive as new CCO
Korean e-commerce firm Coupang announced on March 15 that is has appointed Jay Jorgensen as its new Chief Compliance Officer.
Jorgensen worked as global retail giant Walmart’s Chief Compliance Officer for seven years and established ethics programs for its over 2 million employees, before joining the Korean company.
“I am glad to join Coupang, which is a fast growing global company,” Jorgensen said in a statement. “The company’s transparency and employee ethics is crucial for its sustainable growth, so I will establish a top compliance program to help Coupang gain customer trust.”
Founded in 2010, Coupang was established by Harvard Business School dropout Kim Bom and became popular with its signature fast Rocket Delivery service, which was launched in 2014. According to sources, its sales last year are estimated to reach around 5 trillion won ($4.39 billion).
Nevertheless, it still has not seen a profit from its operations, with the accumulated operating loss from 2016 to 2018 reaching around 1.74 trillion won.
Despite the losses, most recently it has successfully secured additional funds of $2 billion from SoftBank Group which had invested $1 billion back in 2015.
Besides SoftBank, Coupang also secured investments worth $100 million and $300 million from Sequoia Capital and BlackRock, respectively, in 2014. It also received a 300 billion won loan from Goldman Sachs in August 2017.
By Song Seung-hyun (email@example.com)