Baemin CEO gives away shares worth 100 billion won to employees

Woowa Brothers Founder and CEO Kim Bong-jin will share 100 billion Korean won of his personal property with 4,300-plus employees and riders.

Kim on Thursday sent a message to employees and riders, saying, "I'd like to express my gratitude towards all of you for contributing to our company by giving a gift to each of you. My plan is to give out my stock shares of German food-delivery service provider Delivery Hero (DH).” 　

Recipients of this special present from CEO Kim add up to 1,700 people or so who joined Woowa Brothers, Woowahan Youths or the company's overseas affiliates in Vietnam and Japan up until last month. Regardless of position and performance, the longer they have worked at one of these businesses, the more shares they will get. They will be given an average of 50 million won per person. The actual giveaway will happen three years later in 2024 because a contract between Kim and DH bans the disposition of his shares for three years. His pledge will still remain in effect even if workers leave the company before 2024.

Around 400 riders will receive two to five million won in stocks next month because DH agreed that shares are transferred to riders right away regardless of what is written on the contract. The next month's giveaway applies to riders who have maintained a contractual relationship for more than one year and got more than 20 deliveries done for more than 200 days a year.

Although not eligible to receive Kim's shares, 1,390 riders with more than 400 deliveries on a monthly basis for six months will be given one million won per person in incentives. Around 830 B-Mart storage employees and fixed-term workers will also be granted 1 to 1.5 million won in incentives.

His joining of "Giving Pledge” last month made the headlines as he promised to donate half his wealth to society. Leaving for Singapore with his family, Kim is scheduled to take preparatory steps to founding Woowa DH Asia – South Korea-based online food delivery service provider Baemin's stronghold across the Asian market.


Dong-Jin Shin shine@donga.com