By Kim Jae-kyoung
GS Group Chairman Huh Chang-soo will be the new head of the Federation of Korean Industries (FKI), after being recommended by board members at a meeting held in Yeouido, Seoul, the FKI said Thursday.
The recommendation came seven months after former chief Cho Suck-rae, chairman of Hyosung Group, stepped down due to health reasons.
Huh, who leads GS Group, the nation’s seventh largest conglomerates, will officially take the helm of the big business lobby group as the 33rd chairman if he receives approval on Feb. 24 at the FKI’s general meeting. He will serve for the next two years.
“The board members decided to recommend Huh as the new chief after collecting opinions from business leaders and FKI advisors. Huh has contributed to the federation through active participation over the past years,” an official said.
Among participants at the meeting were Huh, former FKI Chairman Cho Suck-rai, FKI Honorary Chairman Sohn Gil-seung, Kumho-Asiana Group Chairman Park Sam-goo, Doosan Group Chairman Park Yong-hyun, STX Chairman Kang Duck-soo and six other business leaders.
GS Group, the nation’s energy and construction giant, has around 70 subsidiaries, including the country's third-largest builder GS Engineering & Construction, and its energy arm GS Caltex, which is led by Huh Dong-soo, the brother of the new chief’s cousin.
A native of Jinjoo, South Gyeongsang Province, Huh, 63, is the eldest son of Huh Joon-gu, the late honorary chairman of LG Construction. He took the helm of GS Group in 2004 when GS broke up with LG Group.
The nomination is seen as the best alternative for the federation as it came after the heads of the big four conglomerates ― Samsung, Hyundai-Kia Automotive, LG and SK ― all refused the post.
The FKI expects Huh to solidify cohesiveness of the organization internally, while expanding its external role. “The recommendation is the best choice, given the size of the group and his experience,” the FKI official said.