Applying for change of the same person to Hyundai Motor Company Eui-sun Eui-sun and Hyosung Cho Hyun-jun FTC
3rd and 4th generation owners come to the fore
6 people in their 50s, 3 people in their 40s
[아시아경제 우수연 기자]With the recent change of generations to owners 3 and 4 in the business world, about one-third of the total number of domestic 30 groups is being filled with 40s and 50s. A new wind of innovation and pragmatism is blowing in the business world as young heads of state come to the fore.
According to the business world on the 2nd
Hyundai Motor Company
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2021.03.02 11:10 intraday (20 minutes delay)
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The group recently submitted a request to the Fair Trade Commission requesting the change of the same person (total number) from Honorary Chairman Chung Mong-koo to Chairman Eui-Sun Eui-seon.
Hyosung
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Hyosung applies for a change in the total number of Cho Seok-rae → Cho Hyun-jun to the KFTC
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The group also requested that the same person be changed from Honorary Chairman Cho Seok-rae to Chairman Cho Hyun-joon. In this case of Hyundai Motor Group and Hyosung Group, the application for the change of the same person designation of the third-generation owner was naturally made as the old heads resigned from the front line for health reasons.
Hyundai Motor Group Chairman Eui-sun Eui-sun (left), Hyosung Group Chairman Cho Hyun-joon (right)
If their application is accepted, the total number of people in their 40s and 50s out of the total number of major 30 groups (based on assets) in Korea will increase to 9 (30%). The total number of people in their 40s is Gwang-mo Gu, Chairman of LG Group, Won-Tae Cho, Chairman of Hanjin Group, and Chairman Ji-sun Jung, Chairman of Hyundai Department Store Group. The total number of the 50s will be Lee Jae-yong, vice chairman of Samsung Electronics, Eui-sun Eui-sun, chairman of Hyundai Motor Group, Doosan Chairman Park Jeong-won, Kakao Chairman Kim Bum-soo, Korea Investment Finance Group Chairman Kim Nam-gu, and Hyosung Group Chairman Cho Hyun-joon.
More than half of the total number of people in their 40s and 50s are 3rd generation owners who are leading the company following their grandfather who is the founder and father who is the manager. As the head of the group, they solidify the one-man system, improve the organizational culture, and boldly jump into new businesses, revealing their own management colors.
In the Hanwha Group, where Chairman Seung-yeon Kim returns to the front line of management after 7 years, the observation that the succession of management rights will begin in earnest at the same time as Chairman Kim’s return is predominant. It is an analysis that while Chairman Kim is involved in overall management, he has begun the underlying work to hand over core subsidiaries such as Hanwha Solutions and Hanwha Aerospace to his son, President Kim Dong-gwan.
Shinsegae Group is also the same person as Chairman Lee Myung-hee, but it has already completed the donation of shares to Vice Chairman Jeong Yong-jin and General President Jeong Yu-kyung last year, and started the third generation management in earnest. It is evaluated that the siblings took charge of E-Mart and Shinsegae while Chairman Lee oversees the group, establishing a separate management system.
A business official said, “Since the second generation of founding is 80 years of age or older, it is time for the succession work to take place naturally.”
Reporter Woo Woo Yeom [email protected]