Cheil Worldwide Names a New CEO After Its Previous One Unexpectedly Resigned

Jeongkeun Yoo steps in as Daiki Lim steps down

Jeongkeun Yoo was named CEO of Cheil Worldwide on Dec. 11, 2017.

South Korean agency network Cheil Worldwide has appointed executive vice president Jeongkeun Yoo to president and CEO, effective immediately, following the abrupt resignation of Daiki Lim.

The Samsung-owned agency group, headquartered in Seoul, said in a press release that former president and CEO Lim informed executives of his decision to step down “through prior consultation” with board members, who recommended his successor.

No other information surrounding the circumstances of Lim’s departure was given. A spokesperson for Cheil did not return a request for further comment.

Lim was appointed global CEO of the agency group in late 2012, having served as the vp of Samsung’s corporate strategy office, responsible for advertising and communications, before that. He first joined Samsung in 1981 and had worked with Cheil for 12 years prior to being retained as its CEO.

At the same time Lim was appointed CEO, Yoo was promoted to executive vp.

In today’s statement, Cheil touted Yoo as “one of the most influential advertising executives in South Korea.” He has had a hand in working on everything from planning to sales to creative at the agency since joining it in 1987 as an account executive.

Cheil was founded in 1973 as Samsung’s in-house marketing unit. It opened a division in the U.S. in 2009 when it purchased a majority stake in The Barbarian Group for an estimated $10 million. Three years later, it boosted its global presence through the acquisition of McKinney for $50 million and then again, in 2014, by buying up the U.K.-based Iris Worldwide.

Lim and Yoo are listed as members of the Cheil board of directors, along with Chan-hyoung Park, Seok Pil Kim, Byung-Do Kim and Minho Kim, according to Bloomberg data. It is unclear if Lim will remain on the board following his resignation as CEO.

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