By Kim Bo-eun
Korea's tire giant Hankook & Company said Wednesday that Cho Hyun-bum, the younger son of Honorary Chairman Cho Yang-rai, has been appointed as the new leader of the group.
Cho, former CEO of affiliate Hankook Tire & Technology, rose to the top position following a power struggle with his older brother, Cho Hyun-sik. The new chairman will begin his term on Jan. 1, 2022. His older brother will serve as an adviser to the group.
Hankook & Company had been mired in a power struggle between the sons of the honorary chairman. The senior Cho in June 2020 made the younger son the largest shareholder of Hankook & Company by handing down 23.59 percent of his shares to him. But a family feud developed as the senior Cho's daughter, Hee-kyung, chairwoman of the Hankook Tire Foundation, and older son Hyun-sik contested the move. Cho, however, has now secured sole leadership of the firm.
The new chairman joined Hankook Tire & Technology, in 1998, and served in positions including head of marketing, management planning and CEO. Cho is also the son-in-law of former President Lee Myung-bak.
Cho has been acknowledged for contributing to the company's growth into a global firm. Hankook Tire achieved 6.45 trillion won in revenue last year, which made it the world's sixth-largest tire company, up from seventh.
Cho led investments into overseas plants in China, Hungary and the U.S. Hankook Tire now has eight overseas plants. He also led the supply of the company's tires to new models of global carmakers such as Audi, Benz, BMW, Porsche and Tesla.
Hankook Tire has focused on developing new businesses. Last month, the company acquired a majority stake in the Canadian self-driving sensor maker, Preciseley Microtechnology.
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| Cho Hyun-bum / Courtesy of Hankook Tire & Technology |
Cho, former CEO of affiliate Hankook Tire & Technology, rose to the top position following a power struggle with his older brother, Cho Hyun-sik. The new chairman will begin his term on Jan. 1, 2022. His older brother will serve as an adviser to the group.
Hankook & Company had been mired in a power struggle between the sons of the honorary chairman. The senior Cho in June 2020 made the younger son the largest shareholder of Hankook & Company by handing down 23.59 percent of his shares to him. But a family feud developed as the senior Cho's daughter, Hee-kyung, chairwoman of the Hankook Tire Foundation, and older son Hyun-sik contested the move. Cho, however, has now secured sole leadership of the firm.
The new chairman joined Hankook Tire & Technology, in 1998, and served in positions including head of marketing, management planning and CEO. Cho is also the son-in-law of former President Lee Myung-bak.
Cho has been acknowledged for contributing to the company's growth into a global firm. Hankook Tire achieved 6.45 trillion won in revenue last year, which made it the world's sixth-largest tire company, up from seventh.
Cho led investments into overseas plants in China, Hungary and the U.S. Hankook Tire now has eight overseas plants. He also led the supply of the company's tires to new models of global carmakers such as Audi, Benz, BMW, Porsche and Tesla.
Hankook Tire has focused on developing new businesses. Last month, the company acquired a majority stake in the Canadian self-driving sensor maker, Preciseley Microtechnology.
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