Korean e-commerce giant Coupang has a new CFO. The company announced today that it has hired Alberto Fornaro, who previously held the same role at International Gaming Technology (IGT PLC), the multinational gaming machine company. Fornaro succeeds Richard Song, who joined Coupang in 2011 and retires.
Coupang is Korea's largest ecommerce platform. In 2018, annual sales were 4.42 trillion won, an increase of 65% over the previous year. The company claims to increase sales by more than 60% over the previous year and currently has a gross value of over $ 10 billion. Founded in 2010, the company has so far raised $ 3.4 billion, including $ 2 billion from the SoftBank Vision Fund announced in November 201
Fornaros career spans across South Korea, Europe and the US. Prior to IGT PLC, he was Doosan Infracore Construction Equipment's global CFO and President of Europe, the Middle East and Africa. He also held senior financial positions with CNH Global, the NV / Fiat Group and the Italian banks Cassa Di Risparmio Di Perugia and Credito Italiano.
Fornaro told TechCrunch in a phone call that he could leverage his experience at Coupang A wide range of industries, such as IGT's focus on technology and Fiat's complex fulfillment infrastructure. "E-commerce is a relatively new industry and Coupang is a revolution in the retail industry," he said.
Despite speculation that Coupang is working towards an IPO, founder and CEO Bom Kim told TechCrunch that the company is focused on implementing its growth strategy in Korea, which is the third largest e-commerce market in China and the US World will be.
The company is growing very fast, "says Kim. "It's a very big and fast-changing company, and our people and leadership team must grow with our growth and our ambitions for our customers and business."
"Alberto shares this genuine passion for revolution He added, "It added to the customer experience and impact across millions upon millions of customers," he added.
When asked if the failed IPO of WeWork affected Coupang, Kim said that the SoftBank Vision Fund was also a major investor in SoftBank was a great investor, but like any investor in the company, what happens to investors, whether good or bad, positive or negative, has no real impact on the company or our mission and Strategy and has no influence on our execution against this strategy. " One of Coupang's strategies is the introduction of new industries enabled by the end-to-end fulfillment and logistics infrastructure. For example, the company has recently focused on electronics and other on-demand delivery programs, including dawn delivery (or items ordered at night to be delivered the next morning) and Rocket Fresh for groceries. 19659002] Kim said Coupang is focused on offering as many on-demand delivery items as other major ecommerce companies do for their regular delivery options.
"We are scaling very fast, making aggressive investments and now" rescaling the investments we made, "he said. "Alberto will play a critical role in our leadership team to not only scale and improve the customer experience, but also leverage economies of scale and find ways to drive down prices for our customers."