Chung Hyung-kwon, former head of Alibaba Korea, has been named the CEO of Gmarket, the troubled e-commerce unit owned by Shinsegae Group.

The new appointment is part of a series of executive reshuffles at the Korean retail giant whose key affiliates are running out of cash amid operational losses.

Before joining Alibaba Group, Chung, a financial specialist, worked at multiple investment banks, such as Goldman Sachs and Credit Suisse, and served as an executive at Coupang, Shinsegae's e-commerce rival. He earned his bachelor's, master's and doctorate degrees from Brown University in the US, which is also the alma mater of Shinsegae Group Chairman Chung Yong-jin.

"With Chung's extensive background in investment, e-commerce and fintech, he is anticipated to strengthen Gmarket's foundation by achieving balanced growth and ultimately enhancing profitability," Shinsegae Group said.

On the same day, Kim Jeong-woo, a former Naver executive, was appointed as Gmarket's chief product officer and head of the product experience division. Oh Cham, former head of Coupang's marketing platform and director of engineering, was also named to lead Gmarket's tech division.

The tech division is Gmarket's newly established entity for bolstering capabilities in technology sectors, such as artificial intelligence, which the company believes are crucial for future e-commerce growth.

"The drive for innovation in our online platform is ongoing. As Korea's top retail company, Shinsegae will further solidify its position as a market leader," Shinsegae Group said.