Cornerstone reenters Korea to tap Asia's executive market
CEO Simon Wan cites Korea's strategic role in AI, fintech, high-tech sectors
Cornerstone International Group is betting big on Asia's dynamic skilled worker market, reopening its Seoul office as the American executive search powerhouse seeks to capture the region's most coveted leaders for both multinational and ambitious local companies.
'The world of economics has changed a lot. It used to be driven by Europe and the US, but now Asia is becoming a very strong champion all over the world in particular industries,' said Simon Wan, CEO of Cornerstone International Group, in an interview with The Korea Herald held in Seoul on Tuesday.
Wan, who has been serving as chief executive since 2012, described Korea, along with China and Japan, as a 'triangle of influence' in the global high-tech, chemical and AI sectors.
Established in 1989 and headquartered jointly in Atlanta and Shanghai, Cornerstone previously operated in Korea over a decade until 2012 through a partnership with local firm KK Consulting. When that partnership ended, the company exited the market.
More than a decade later, Cornerstone is back on the scene. Its new Seoul office opened on May 1, through a partnership with local executive firm Fortis Partners, led by Managing Director Ennis Bae. The Korea team brings international and local experience that aligns with Cornerstone's values, said Wan.
'We are an executive search firm and we help companies find the right person to make transformation in their business," said Wan, stressing that the company's mission is to identify 'cornerstone' executives, leaders around whom teams can build and achieve success.
The Seoul office primarily focuses on four sectors, AI, fintech, EVs and telecommunications. Wan stressed that industry expertise is what sets Cornerstone apart. 'Our job is not just to provide a CV,' said Wan. 'Our job is to talk to our client as an internal expert, saying that based on what we see in the market, this is who you need to attract.'
Cornerstone goes through a rigorous screening process, evaluating hundreds of candidates to identify a shortlist of five to seven for clients. The firm reviews everything from social media to criminal records, background and psychometric assessments.
The timing of the company's comeback to Korea is noteworthy, as second- and third-generation leaders begin to take the reins at major domestic companies, many of whom were educated abroad and actively seek mentorship and strategic consulting, Wan explained.
'With a global platform like Cornerstone, we can really help them to become not just a strong local company but a regional power and even a global power."
Leveraging its global network of over 60 offices across 40 countries, Cornerstone conducts multinational executive searches to identify the most suitable candidates for clients. 'We can do the search in the US, Germany, Japan, Shenzen and look for ones that have background and who are happy to work in Korea,' he said.
Such global reach is essential, Wan noted, as companies around the world face mounting challenges in securing the right talent.
'The pain point that our clients keep telling us is they cannot find enough good people. There are a lot of applicants, but not many good people,' he said. 'That's when we come in because the best candidates normally are not looking for jobs.'
The skilled worker exodus is also a concern, with Korea's brightest semiconductor, AI and high-tech executives increasingly poached by overseas opportunities. Wan said companies need strong leadership cultures to retain top talent.
He added that people leave a company for three reasons: family-related decisions, such as children's education; dissatisfaction with leadership; and a lack of strong corporate culture.
'You need to have a good coaching culture internally, so your best performers feel respected and able to perform,' said Wan. This becomes even more important in today's business landscape, where escalating global uncertainty and market ambiguity are forcing companies to make strategic choices.
"The reality is that the market has shifted and you have to pick where you are going to focus on," he said. For Cornerstone, that focus means expanding its presence in this region. "Asia, Middle East and Africa are really the powerhouses for the next 10 years."
sahn@heraldcorp.com
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