Park Dae-jun, CEO of South Korean e-commerce giant Coupang, resigned Wednesday following a massive data breach affecting nearly 34 million customers. The breach, revealed November 18, has triggered government investigations and highlighted the growing accountability crisis facing tech executives over cybersecurity failures.
The resignation of Park Dae-jun from Coupang marks one of the most dramatic executive departures in Asian tech this year. The CEO's decision comes less than three weeks after the company disclosed that hackers had accessed personal information for nearly 34 million customers - roughly two-thirds of South Korea's population.
"I am deeply sorry for disappointing the public with the recent personal information incident," Park said in his resignation statement, according to Coupang's official announcement. "I feel a deep sense of responsibility for the outbreak and the subsequent recovery process, and I have decided to step down from all positions."
The breach has sent shockwaves through South Korea's tech sector, where data privacy regulations have tightened significantly in recent years. Police conducted their second consecutive raid of Coupang's Seoul headquarters Wednesday, with investigators focusing on a Chinese national who formerly worked for the company. According to Yonhap News Agency, the search warrant specifically names this ex-employee as a suspect for "breaching the information and communications network and leaking confidential data."
Park's departure represents a stunning fall for an executive who'd been climbing Coupang's ranks since 2012. He became sole CEO just seven months ago in May, when the company transitioned away from its dual-CEO structure. During his tenure, Park led the expansion of sales channels for small and medium enterprises and spearheaded new business development across the region.
Harold Rogers, Coupang's Chief Administrative Officer and General Counsel, now steps in as interim CEO. The company says Rogers will "focus on alleviating customer anxiety caused by the personal information leak" while working to stabilize operations. It's a massive challenge for Rogers, who must navigate both the technical aftermath of the breach and the political firestorm it's created.
The government response has been swift and severe. Prime Minister Kim Min-seok warned Wednesday that "strict action would be taken against the company if violations of the law were found," according to Yonhap. President Lee Jae Myung has called the incident a "wake-up call" and is pushing for increased penalties on companies that suffer data breaches.
