Coupang, one of the world’s largest and fastest-growing e-commerce companies, announced that renowned economist, academic, financier and former senior U.S. government official Kevin Warsh has joined its board of directors.
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Distinguished Economist Kevin Warsh Joins Coupang Board of Directors (Photo: Business Wire)
Warsh joins Coupang at a time of high growth for Coupang and for South Korea’s e-commerce market segment. In 2019 South Korea moved up the rankings to become the third-largest e-commerce market segment in the world, behind only China and the U.S. Coupang’s growth accelerated at the same time, making the company the largest e-commerce player in Korea.
“Coupang is at the frontier of innovation,” said Warsh. “The company’s growth profile is impressive, and the customer experience unmatched. I am honored to have joined the board, and look forward to helping Coupang’s exceptional founder and CEO, Bom Kim, execute on his vision.”
Coupang’s “Rocket Delivery” delivers millions of items to customers across Korea each day. Coupang is especially known for building a last-mile delivery system that takes products right to customers’ doors. That makes it possible for Coupang to deliver millions of items in hours and, for orders placed before midnight, to deliver before 7 a.m. This doorstep service also allows Coupang to pick up returns at the customer’s door without a shipping label.
Additionally, Coupang has become the leading Korean e-retailer of U.S.-based brands, such as Apple, Huggies, Febreze, and Carters. It has served as an effective on-ramp for international companies that want to launch products in Korea.
“Coupang’s mission is to transform our customers’ lives,” said Bom Kim, CEO of Coupang. “We want to make shopping so easy and delivery so quick that customers cannot imagine living without Coupang. Kevin’s expertise will help us to continue growing and innovating to achieve that goal.”
Warsh is recognized for his extensive experience in economics and finance. Currently, he serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution at Stanford University. He also teaches at the Stanford Graduate School of Business.
Prior to his appointment at Stanford, Warsh was a member of the Board of Governors of the U.S. Federal Reserve System. Serving under Presidents George W. Bush and Barack Obama, Warsh’s tenure at the Federal Reserve included serving as the representative to the global Group of Twenty (G-20) trading nations, and as the Board’s emissary to emerging and advanced economies in Asia. He was also an Administrative Governor, managing and overseeing the Board’s operations, personnel and financial performance. Previously, Warsh served as Special Assistant to the U.S. President for Economic Policy and Executive Secretary of the White House National Economic Council.
Before entering the U.S. government, Warsh was a Vice President and Executive Director at Morgan Stanley & Co. in the Mergers & Acquisitions department. He has continued to advise select public and private companies and sits on the board of directors of United Parcel Service (UPS). Warsh received his A.B. in public policy with a concentration in economics and political science from Stanford University and holds a J.D. from Harvard Law School.
Coupang is one of the largest and fastest-growing consumer internet companies in the world. Its innovative technologies and novel approach to mobile commerce and customer service have set a new standard for e-commerce in Korea and beyond. Powered by its proprietary technology infrastructure, Coupang offers the largest end-to-end fulfillment operation in Korea and one of the most revolutionary last-mile delivery services in the world. Founded in 2010, Coupang is a global company with offices in Beijing, Los Angeles, Seattle, Seoul, Shanghai, and Silicon Valley.