CJ scion likely to be promoted to executive position
By Kim Jae-heun
CJ Group heir Lee Sun-ho, the eldest son of Chairman Lee Jay-hyun, is likely to be promoted to executive director of CJ CheilJedang in a personnel reshuffle scheduled for next week, according to multiple industry sources.
CJ Group heir Lee Sun-ho / Korea Time file
If true, the promotion will speed up the group's hereditary succession of management to two of the chairman's children ― Lee Sun-ho, and eldest daughter Lee Kyung-hoo, executive vice president of CJ ENM.
Previously, Lee Sun-ho was dismissed from the company after being sentenced to a suspended jail term for drug smuggling in Sept. 2019. However, CJ Group brought the heir back into the fold in January to oversee CJ CheilJedang's global marketing business.
Most of CJ Group's scions shun making public appearances. However, Lee Sun-ho showed up at a signing ceremony for a global marketing partnership with the Los Angeles Lakers at the Staples Center, Sept. 20, following a request from the basketball team and its owner, Jeanie Buss. That event was viewed as CJ Group's confirmation of Lee Sun-ho's looming leadership role in the company.
Like his father and aunt Lee Mi-kyung, vice chairman of CJ Group, who separately led the food, biotechnology and entertainment businesses, Lee Sun-ho and Lee Kyung-hoo will also divide their roles within the conglomerate. The son will oversee CJ CheilJedang and CJ Bioscience, while the daughter will manage CJ ENM's entertainment business.
Currently, Lee Sun-ho owns 11.09 percent of CJ Olive Young's stock and Lee Kyung-hoo owns 4.26 percent. CJ Olive Young is the health and beauty products affiliate of the conglomerate.
When the group lists the cash-cow subsidiary in 2022, the two children will secure 300 billion won worth of stock. This will give them the capital to purchase 10 percent of the group's holding company. At present, Lee Sun-ho owns 2.75 percent of the holding company and Lee Kyung-hoo 1.19 percent, which adds up to less than 5 percent. Lee Jay-hyun owns 42.07 percent of the holding company and he will hand over part of his stake to his son and daughter to solidify their management control.