Exclusive
Yoon Jae-yeon, Second Daughter of Taeyoung Group Chairman Yoon Se-young, Breaks Silence Following Workout to Establish New Corporation

[비즈한국] It has been confirmed that Yoon Jae-yeon, former CEO of BlueOne and the second daughter of Taeyoung Group founder Yoon Se-young, has established a corporation named 'Won-On.' Since resigning as CEO of BlueOne in May of last year, Yoon has remained largely out of the public eye. The business community is focusing on whether Yoon, who has been quiet since Taeyoung Group entered a debt workout program, will embark on new management activities through Won-On.

Founder Yoon Se-young has one son and two daughters: his eldest daughter, Yoon Soo-yeon; his eldest son, Taeyoung Group Chairman Yoon Suk-min; and his second daughter, former CEO Yoon Jae-yeon. Bizhankook’s investigation revealed that former CEO Yoon Jae-yeon established the corporation 'Won-On' last September. However, a Taeyoung Group official stated, "We are not aware of the specific details regarding Won-On."

Former CEO Yoon Jae-yeon is known to be the CEO, sole executive director, and largest shareholder of Won-On. According to the corporate registry, the business purposes of Won-On include: software development and supply; software maintenance and repair; software sales, distribution, and leasing; and software-related consulting.

Former CEO Yoon Jae-yeon has no prior professional experience in information technology (IT) firms or software-related businesses. Consequently, analysts suggest that Won-On may be involved in a different business that utilizes software. Some speculate that Yoon may pursue a venture related to her field of expertise: golf. The corporate name 'Won-On' is a golf term meaning to land the ball on the green with the first tee shot.

No direct business relationship between Won-On and Taeyoung Group has been confirmed. Won-On's headquarters is not located at the Taeyoung Group building in Yeouido, but at a shared office in Yeonsu-gu, Incheon. Bizhankook visited this shared office on the 7th but was unable to meet with any Won-On representatives.

In fact, former CEO Yoon Jae-yeon has deep ties to golf. She took office as CEO of BlueOne in December 2014 and led the company for nearly 10 years. BlueOne operated multiple golf courses, including Yongin CC and Sangju CC. While BlueOne's 2015 revenue was 70.8 billion won, it grew steadily to reach 101.9 billion won in 2023. Alongside BlueOne's improved performance, Yoon established her presence by serving as a director of the Korea Golf Association and the Korean Sport & Olympic Committee.

Former CEO Yoon Jae-yeon stepped down as CEO of BlueOne Leisure, a subsidiary of BlueOne, in October 2023 upon the expiration of her term. She subsequently resigned as CEO of BlueOne in May 2024. Her term as BlueOne CEO was originally slated to run until March 2026; she resigned with one year and 10 months remaining. Her external activities have also dwindled. Her YouTube channel, 'Gong-Tae-Ri-Neun-Un-Ni' (Hitting Sisters), and her personal social media accounts have not seen new videos or posts recently.

Some in the business community believe that the downsizing of BlueOne's operations influenced the decision regarding Yoon Jae-yeon's career path. As Taeyoung E&C009410 filed for a workout (corporate debt restructuring) in 2023, Taeyoung Group affiliates also began selling off assets. In July of last year, BlueOne sold its Di-Honors CC golf course to Kangdong C&L (formerly Koryo Cement) for 131.7 billion won.

BlueOne's other golf courses, Yongin CC and Sangju CC, are currently held as collateral. BlueOne and Hallim Construction signed a lease agreement for Yongin CC and Sangju CC last year. At the time of the agreement, Hallim Construction paid 200 billion won to TY Holdings in the form of a security deposit. The deposit matures on February 23, 2027. If TY Holdings fails to return the deposit by the maturity date, Yongin CC and Sangju CC will be transferred to Hallim Construction.

BlueOne's performance has significantly declined due to asset sales. According to TY Holdings' quarterly report, BlueOne's revenue for the first three quarters of 2024 was 39 billion won, less than half of the 92.6 billion won recorded during the same period in 2023. Taeyoung Group has not disclosed specific reasons for the former CEO's resignation.