South Korea-based general marketplace Daangn has selected Hwang Do-yeon to be its co-CEO. However, the board has yet to ratify appointment, according to media reports.
Hwang was hired last year as vice president of the company’s business division and became a board member in October.
Assuming he is confirmed in the position, Hwang will work alongside Kim Jae-hyun, who will also become the company’s chief strategy officer.
Hwang will lead the domestic business, while Kim is expected to focus on overseas markets, according to Digital Daily.
Established in 2015, Daangn also operates in the U.K., the U.S., Canada and Japan under the brand name Karrot Market.
The company’s 2021 revenue amounted to $21 million U.S., the majority of which came from local advertisements. While the company saw three-digit revenue growth, its operating loss swelled significantly.
Daangn.com, which is one of the leading general marketplaces in South Korea, is in the process of diversifying its revenue. It is now working to increase the share of its turnover accounted for by commissions and other fees. Earlier this month, the marketplace introduced targeted advertising services.
It also recently upgraded its payment system, enabling users to pay merchants digitally. At the moment, this digital wallet can only be used for the purchase of secondhand goods. Since its launch in February, the number of users has reached 3.2 million.