Change of Ownership
Third-generation owners are coming to the fore in an increasing number of conglomerates in Korea. They are already assuming important roles, after sufficient training, in groups such as Samsung, Hyundai Motor, and LG.
The others on the top 30 list, including Hyundai Heavy, Hanwha, Kumho, and Hanjin, are following the trend as well. They are characterized by their humility, meticulousness, and in-depth knowledge about what they do. “They have grown up while seeing their grandfathers and fathers do business day after day,” said an industry insider, adding, “Their studying experience at prestigious colleges further expands their understanding of their jobs.”
Chung Ki-seon, who is the eldest son of Hyundai Heavy Industry’s largest shareholder and Seoul City mayorial candidate Chung Mong-joon, has worked as a senior manager at the Business Planning Team of the heavy industry company since June last year. At 32 this year, he finished his MBA at Stanford University in 2011. He was mentioned as an executive candidate last year, but the promotion was postponed due to his youth and short career. Many of his coworkers praised him for excellent job performance, social skills, etc.
Kumho Tires Vice President Park Se-chang is another remarkable third-generation owner. Born in 1975, he had graduated from the Department of Biology of Yonsei University and MIT’s Business School before joining Asiana Airlines in 2002. He was promoted to the Vice President position in Kumho Tires three years ago. Managing Directors Park Cheol-wan and Park Joon-kyeong, both born in 1978, are also distinguishing themselves as Kumho’s third-generation members. The former is the son of former Kumho Group Chairman Park Jeong-koo and the latter is the eldest son of Kumho Petrochemical Chairman Park Chan-koo.
Hanwha Group Chairman Kim Seung-yeon’s second son Kim Dong-won, 29 years old, joins Hanwha L&C this week as a rank-and-file employee. His elder brother Kim Dong-kwan, 31, has worked as the Strategic Marketing Director at Hanwha Qcells since 2010.
Hyundai Group Chairperson Hyeon Jeong-eun’s first daughter Jeong Ji-eui, in the meantime, has participated in the management of the group for 11 years, since 27 years of age. Her second daughter Jeong Yeong-eui, aged 29 this year, graduated from Pennsylvania University and entered Hyundai U&I in June 2012.
Hanjin Group head Jo Yang-ho’s eldest son Jo Won-tae was appointed as the representative director of Hanjin KAL, the group’s holding company, late last year while maintaining his position as Vice President. CJ Group Chairman Lee Jae-hyeon’s first son Lee Seon-ho got the job in his father’s company through open recruitment last year.
All of them have shown humility and humbleness in meeting people and doing their jobs so that they can break from the traditional image of chaebols. Still, they appear quite active and energetic outside of their companies. Also, many of them make use of their wide networks abroad in their day-to-day business.