The faces of executives of large domestic companies are getting younger. Among the four major groups, the total number of Hyundai Motors and LG Groups has changed in the past 1-2 years. The founder’s 3-4 years old came to the fore and took on the role of overseeing the entire group.
Challenge new business and go to the forefront of management
Hanwha Kim Dong-Kwan, Head of Aerospace Industry
Hyundai Jung Ki-seon’s’Hydrogen Dream’
LS Koo Dong-hui debuted as a registered director
“Securing leadership only by showing personal achievements”
In other groups, children in their 30s and 40s among the major shareholders are actively participating in management. Representative examples include Kim Dong-gwan (38), CEO of Hanwha Solutions, Jeong Ki-seon (39), vice president of Hyundai Heavy Industries (39), vice president of Hyundai Heavy Industries Holdings (head of the management support office), and Koo Dong-hui (39), executive director of E1 (Director of Support Division). Born in the early 1980s, they are in their late thirties and three years old, a large company manager, that the three have in common. In the new year, they are rushing to discover new businesses.
Kim Dong-gwan
CEO Kim of Hanwha Group (7th place in the business world) is in charge of the strategy division at Hanwha Corporation, the flagship company of the group. Hanwha Solutions, a KOSPI listed company, has four representatives, one of whom is Kim. In March of last year, he was appointed as a registered director (in-house) at the general shareholders’ meeting of Hanwha Solutions.
CEO Kim will also become a registered director at Hanwha Aerospace at the end of this month. Hanwha Aerospace plans to deal with the agenda of appointing Kim as the executive director at the shareholders’ meeting on the 29th. It is an affiliated company focusing on the aerospace and defense industries promoted by Hanwha Group as a new business. CEO Kim decided to take over as the team leader of’Space Hub’, an organization that oversees core technologies related to the space industry in the group. Researchers and satellite communication experts who are developing the Korean launcher, Nuri, will participate in the Space Hub. Representative Kim’s father is Seung-yeon Kim, chairman of Hanwha Group.
liner
Vice President Jung of Hyundai Heavy Industries Group (9th in the business world) bet on the hydrogen business. Hyundai Heavy Industries and Saudi Arabia’s state-run oil company Aramco signed an MOU earlier this month. Vice President Jeong, who attended the agreement on behalf of Hyundai Heavy Industries, said, “We have taken the first step toward realizing the’hydrogen dream’ of the two companies.” Hyundai Heavy Industries plans to produce hydrogen by importing liquefied petroleum gas (LPG) from Aramco. Carbon dioxide (CO2) from the hydrogen production process is taken home by Aramco. It is intended to be used as a raw material for extracting crude oil that is still remaining in the old oil field. Vice President Chung’s father is Mong-Joon Chung, Chairman of the Asan Social Welfare Foundation.
A business official who requested anonymity said, “I know that Kwon Oh-gap, chairman of Hyundai Heavy Industries, reinforced existing businesses such as shipbuilding and construction machinery, and vice president Jung naturally shared the role of discovering new businesses.” He predicted, “The success of the new business will play a decisive role in strengthening the leadership for the succession of Jung.”
Dong Whee
At LS Group (16th in the business world), Koo is preparing to take the lead in management. Goo, who took office as the Chief Operating Officer of E1 in January, is scheduled to be appointed as a registered director at the shareholders’ meeting on the 26th. LS Networks is also ahead of the appointment of a registered director through the shareholders’ meeting on the 30th. This is the first time that the third-generation founder takes over as a registered director at LS Group, which was separated from the LG Group in 2003. Executive Vice President Koo’s father is Ja-Yeol Koo, Chairman of the Trade Association and Chairman of LS Co., Ltd. A business official who requested anonymity said, “It has risen to the stage of taking responsibility for management performance in earnest.”
Experts point out that in order for the third generation of large business executives to secure leadership, they must escape from the halo of their predecessors and show their own performance. Lee Chun-woo, a professor at the University of Seoul Business School, said, “No one is challenging a new business that can’t predict the success or failure of the company.” Kwak Won-joon, a professor at Soongsil University’s Department of Business Administration, said, “It means that we have delivered a message to the entire organization that the company needs to change. We must first gain the trust of (company) members, rather than attempting a short-term and rapid change.”
Reporter Sunwook Choi [email protected]
