Hollys Coffee’s Chief Financial Officer Lee Jong-hyun has been named the new CEO of the coffee chain, its operator KG Hollys F&B announced Wednesday.

Lee was named the brand’s CFO last year, when KG Group acquired the franchise to bring it under its food and beverages unit, which is now KG Hollys F&B.

“Our goal is not to become the brand with the most stores, but a coffee franchise with a low closure rate. We will strengthen our dessert and deli menus, as well as focus on differentiated merchandise, with the goal to have more customers experience Hollys Coffee in their day-to-day lives,” Lee said in his inaugural message.

He also said he would grow the brand with an aim of listing it on the stock market around 2024.

First opened in 1998, Hollys Coffee is one of the first coffee franchises to sell espresso-based drinks in South Korea. 

The chain operated 587 outlets across Korea as of December 2020.