Hankook Tire faces leadership vacuum after chairman's arrest
Hankook Tire & Technology headquarters in Seongnam, Gyeonggi Province / Korea Times fileHankook Tire & Technology CEO Cho Hyun-bumBy Lee Kyung-minHankook Tire & Technology, a local tire manufacturer, is expected to see a slump in exports of its key products and delays in overseas investments after its CEO Cho Hyun-bum was arrested on charges of embezzlement and breach of trust for a combined amount of 20 billion won ($15 million), according to market watchers. Thursday's arrest came less than three years after he stepped down as CEO in June 2020 over previous bribery and embezzlement charges. The resignation was prompted by a prison term suspended for four years following his arrest in November of 2019 and subsequent guilty verdict. Cho will serve a prison term if he is found guilty on the latest charges, since he was released on a suspended sentence in 2020.Whether and how likely the leadership vacuum would drain the business of local manufacturers remains to be seen. Over 90 percent of its sales come from exports. The firm planned to invest 1 trillion won to expand and
