Younger leaders take helm of Korean conglomerates

Hanwha Group Vice Chairman Kim Dong-kwan, left, and HD Hyundai Chairman Chung Ki-sun / Korea Times file

Younger leaders — mostly born in the 1980s — are taking the helm of Korean conglomerates, marking a major generational shift sweeping across the local business landscape in a new tech era driven by artificial intelligence (AI).

The latest in a series of leadership changes came from HD Hyundai, whose new Chairman Chung Ki-sun was promoted to the top post last month. He's just one of the third-generation heirs from major tech-driven manufacturing players here to have moved up in recent days.

Chung was born in 1982. The company promoted the former HD Hyundai executive vice chairman to the highest-ranking position at a crucial moment for its expansion in the United States under President Donald Trump’s initiative to revive America’s shipbuilding industry.

He is the youngest chairman among Korea’s top 10 conglomerates by market capitalization.

“We face a very serious management environment amid the hegemonic battle between the U.S. and China, economic slowdown and oversupply risks stemming from China,” Chung said shortly after taking office as the firm’s new chairman. “We should join forces to become a future builder for humanity.”

Hanwha Group Vice Chairman Kim Dong-kwan is another young heir apparent of a major conglomerate. He was promoted to the post in 2022 and has since served as a major decision-maker for the group on behalf of his father and the group’s chairman, Kim Seung-youn.

Under the leadership of the third-generation heir, Hanwha Group’s key affiliates — including aerospace and shipbuilding — have achieved outstanding growth. The younger Kim was born in 1983. Given his proven success as vice chairman, he is soon expected to take control of the group.

Kim is often seen with a group of leaders from Samsung, LG, SK and Hyundai Motor — Korea’s top four conglomerates — which increases the likelihood that his promotion to group chairman is imminent.

Naver CEO Choi Soo-yeon delivers a speech during the Asia-Pacific Economic Cooperation CEO Summit in Gyeongju, North Gyeongsang Province, Oct. 29. Yonhap

Naver CEO Choi Soo-yeon, born in 1981, is one of the few women to become a CEO at one of the nation’s major tech companies. The lawyer-turned-businesswoman took office as the head of Korea’s dominant internet portal operator in 2022.

Under her leadership, the company has achieved stable earnings growth. She is recognized for revamping Naver's growth strategy by monetizing their AI businesses and establishing a horizontal corporate culture.

Kolon Group Vice Chairman Lee Kyu-ho / Courtesy of Kolon Group

Kolon Group Vice Chairman Lee Kyu-ho is one of the representative young business leaders at major conglomerates. Born in 1984, the fourth-generation heir of the group rose to his current position in 2023. He has since worked on reshaping the group’s portfolio with a focus on core businesses and new growth engines.

Other leading conglomerates are also on track to promote younger employees to the executive level, reflecting a rapid, tech-driven paradigm shift.

Samsung Electronics is one of the frontrunners in this drive. In 2021, it had only 11 executives born in the 1980s, but the number soared to 46 by the end of 2024.