South Korea’s Paradise Co. has introduced a dual leadership structure following shareholder approval of a governance overhaul at its annual general meeting.
Paradise Co. is one of South Korea’s leading foreigner-only casino operators, running gaming venues under the Paradise brand in key locations including Seoul, Incheon, Busan, and Jeju. The company is also a partner in integrated resort Paradise City, in Incheon.
According to a regulatory filing, the company appointed Lim Jun-shin as co-chief executive officer alongside incumbent CEO Choi Jong-hwan, effective March 27th. The move establishes a co-CEO system, with Lim previously serving as Chief Operating Officer. The change was approved at the company’s 55th annual general meeting.
The filing states that the restructuring reflects the appointment of a new representative director and a transition to a joint leadership framework, with both executives expected to share management responsibilities.
In parallel, Paradise approved amendments to its articles of incorporation aimed at enhancing governance standards. Seoul Economic Daily reported that the changes focus on strengthening minority shareholder rights and board oversight. These include reinforcing voting restrictions in audit committee appointments, expanding separate elections for audit committee members, and introducing measures to support cumulative voting and electronic shareholder meetings.
Paradise said the changes align with recent revisions to Korea’s Commercial Act and are intended to enhance transparency and accountability as it advances its integrated resort business.
The governance overhaul comes as the company continues to report growth. CEO Choi Jong-hwan said during the meeting that “despite external uncertainties, revenue and operating profit increased 7.3 percent and 14.5 percent, respectively,” adding that the company had achieved record earnings for a second consecutive year.
