Logos on facade at the shared headquarters of Internet company Coupang and security company ... [+]
South Korea’s largest online retailer, Coupang, has hired Alberto Fornaro as its new CFO.
Fornaro comes to Coupang from IGT, where he helped grow the gaming company as its CFO and Executive Vice President. Before that, he served as Global CFO and President of Europe, the Middle East and Africa for Doosan.
"[Alberto] is a hands-on leader who shares our mission of making life exponentially better for our Customers,” Coupang founder and CEO Bom Kim said in a statement. “Alberto's experience will help us continue to expand our products and services while further lowering prices for our Customers."
In his own statement, Fornaro said it is an exciting time to join Coupang. “The company is growing rapidly because it provides Customers with an exceptional experience,” he said. “Coupang's ecommerce platform is making millions of items available for delivery within hours, and launching new services like Dawn Delivery and Rocket Fresh to make life easier. I look forward to helping the company succeed."
Fornaro is a graduate of the University of Siena and from the Advanced Management Program at Harvard Business School. Founder Kim is a Harvard graduate but dropped out of Harvard Business School to found Coupang in 2010.
In April, Coupang reported 2018 revenue of $4.1 billion, a 65 percent jump from the previous year. It also improved its delivery speed and more than doubled its offerings to over 5 million items. Headquartered in Seoul, the company also has three offices in the United States and two in China. Investors in the company, which hopes to be the Amazon of South Korea’s large ecommerce market, include Fidelity, BlackRock and SoftBank.
