Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Questions remain over Kolon heir's managerial succession
Kolon Global Vice President Lee Kyu-ho
By Park Jae-hyuk
By Park Jae-hyuk
Kolon Global Vice President Lee Kyu-ho is still facing a tall task to prove his management ability, despite Kolon Group's accelerated efforts to hand over control of the group to him ― the oldest son of Honorary Chairman Lee Woong-yeul and the great-grandson of founder Lee Won-man.
According to industry officials, the vice president sent an email to Kolon Global employees late last month urging them to look for new business opportunities and ways to distinguish the company from its competitors. This was his first time sending an official letter to the company's entire staff.
It was also reported that he has been the chief strategy officer of the group's holding company since January 2020, to direct its future business directions. Until recently, he had been only known as Kolon Global's vice president and head of its automotive division.
He came to the fore last September, when he attended the Korea H2 Business Summit along with heirs of other chaebol groups. In the event where he officially represented Kolon Group for the first time, he announced the group's ambitious plan to establish a hydrogen value chain.
These steps are widely viewed as his efforts to inherit the group's shares from his father.
At the time the honorary chairman resigned in 2018, he said that he would only hand over his shares to his son if his son proves his ability in management. Since then, the group has been led by the One & Only committee comprised of CEOs of the group's affiliates.
The honorary chairman is still serving as the largest shareholder of the group's holding firm, and his son does not have stakes in any Kolon affiliates.
The son had failed to impress in 2019, when he was chief operating officer of Kolon Industries' fashion and culture division. Back then, the company's revenue dropped to 800 billion won ($667 million) from 1 trillion won a year earlier.
Although he enabled Kolon Global's earnings to grow after he moved to the company in late 2020, skepticism remains that its profitability just resulted from the overall growth of the imported car market.