Lee Jae-woong, founder and largest shareholder of South Korea’s leading car-sharing platform SoCar, is set to return as chairman of the board next year, six years after stepping down from executive duties, as the company seeks to refocus on its core business following a period of regulatory and legal upheaval.
The planned appointment, pending approval at SoCar’s annual shareholders’ meeting in March, was announced to employees last week. Lee is expected to shape corporate strategy and drive organizational reforms, with a focus on strengthening the company’s car-sharing operations, while CEO Park Jae-wook continues to oversee daily management and lead long-term initiatives in areas such as autonomous mobility.
The move marks a strategic recalibration for SoCar, which has navigated intense regulatory pressure since 2020, when an amendment to Korea’s Passenger Transport Service Act effectively shut down Tada—a ride-hailing service operated by SoCar affiliate VCNC. Lee resigned as CEO that year amid the legal and political fallout.
In 2023, South Korea’s Supreme Court acquitted Lee and other executives of charges related to Tada’s operations, ending a prolonged period of legal uncertainty. With regulatory tensions easing, SoCar appears to be shifting from a defensive posture toward a phase of operational consolidation and core business reinforcement.
Lee’s return reflects a pattern seen in other platform companies operating in tightly regulated markets, where founders often reengage to stabilize core operations after periods of policy-driven disruption. For SoCar, the leadership change signals a turn toward execution and governance in a car-sharing sector that has matured beyond the rapid-growth phase into a more competitive, stability-focused era.
The company did not specify Lee’s exact mandate but indicated his role would center on strategic direction and internal restructuring, while Park focuses on future mobility technologies and sustained growth.
