South Korea’s third-generation family members of conglomerates are coming forward to succeed the group control.

December 25, 2013 Leave a comment

Chaebol scions climb toward management

Chae Soo-hwan, Noh Won-myung, Lee Ho-seung

2013.12.25 13:41:49

South Korea’s third-generation family members of conglomerates are coming forward to succeed the group control. In the Hanjin Group’s shake-up which was made on December 24, Korean Air executive vice president Cho Won-tae (aged 38), the son of current chairman of the group Cho Yang-ho, was appointed to concurrently head Hanjin Kal, the holding company of Hanjin Group. Cho Hyun-min, the youngest daughter of chairman Cho was promoted to senior vice president from vice president of Korean Air. With the appointment of Cho Won-tae as vice president, the group’s power structure seems to be leaning toward the son of chairman Cho. Cho Hyun-min, aged 30, saw a fast promotion to senior vice president in a year. The nation’s conglomerates are in the process of passing ownership rights to a third-generation of their family albeit at a slower pace. In Samsung Group, Lee Jae-yong, the third generation of the Samsung family, serves vice president of Samsung Electronics. In Hyundai Motor Group, eyes are on whether Chung Eui-sun, the only son of Hyundai Motor Group chairman Chung Mong-koo, will be assigned to an additional position in the upcoming personnel reshuffle late this year. GS Group also sped up the process of handing over power to the fourth generation of the group’s family members in the management shake-up made last year. GS Group chairman Huh Chang-soo’s only son Yoon-hong was promoted to executive-level from general manager at GS Engineering and Construction. He is deemed as the most probable heir apparent of GS Group. GS Caltex chairman Huh Dong-soo’s son Se-hong also gained promotion at GS Caltex last year.

 

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