Conglomerate Heirs-Apparent Being Groomed

Hanjin and Kumho Asiana juniors get promotions

Third generation offspring of some conglomerates, including the Hanjin and Kumho-Asiana business groups, received promotions in the latest reshuffles to solidify their standings as heirs-apparent. The Hanjin Business Group promoted Cho Won-tae, 33, the son of Hanjin Group Chairman Cho Yang-ho, from "class B" vice president to "class A" vice president in the latest personnel change made on Dec. 26, 2008. The junior Cho, who was promoted to a registered director and deputy chief of the Passenger Business Division, one of the group's key divisions, in early 2008, took the helm at the division in the latest reshuffle to build up his position as heir-apparent.
The Kumho-Asiana Business Group promoted Park Se-chang, 34, the eldest son of Group Chairman Park Sam-koo, and assistant vice president at the group's Strategy Management Headquarters, to vice president in a regular reshuffle made last November. His promotion is construed as a significant step in the process of handing over management of the group to him. The business group on Dec. 1 carried out the reshuffle affecting 115 employees with the appointment of Asiana Airlines President-COO Yoon Young-doo and Kumho Tire President for Business Kim Byung-choo.
Three sons of Hyosung Group Chairman S. R. Cho are likely to get promotions in a regular reshuffle to be made this February. Analysts say chances are high that Hyun-jun, 41, the first son of the family-owned conglomerate and president in charge of the group's textile and trading division; Hyun-mun, 40, executive vice president in charge of heavy industries; and Hyun-sang, 38, executive director in charge of the strategy division, will be promoted. However, Chairman Cho has given no hint of his successor so far.

HYUNDAI-KIA ELEVATE R&D PRESIDENT TO VICE CHAIRMAN
The Hyundai-Kia Automotive Group elevated Lee Hyun-soon, president of research and product development to vice chairman in a reshuffle characterized by the forward deployment of R&D manpower and a generational change in a move to overcome the difficulties facing the global automobile industry. Lee became the first R&D president-turned vice-chairman since March 2006 when then-Vice Chairman Lee Sang-kwon tendered his resignation. Lee's promotion is expected to give more weight to the R&D sector, analysts say. Lee, scouted by Hyundai Motor from General Motors of the United States, has been credited with taking the lead in the localization of engines. He has held such posts as the president of the Power Train Research Institute and vice president in charge of the development of Hybrid Electric Vehicles (HEVs).
Korea's second largest group rehired Vice Chairman Choi Han-young as chief of staff for Hyundai-Kia Automotive Group Chairman Chung Mong-koo, a post that has been virtually vacant following the resignation of ex-Vice Chairman Kim Ik-hwan. Choi's comeback is interpreted as a move to fill a vacuum created by a generational change. Yang Woong-cheol, senior executive vice president in charge of HEVs, was promoted to president of that division. The group plans to mass-produce LPG hybrid electric cars beginning in July. Yang once served as a GM researcher.
The newly installed Vice Chairman Chung Sung-eun is the highest-ranked expert in the production technology sector of the Hyundai Motor and Kia Motors operations in Korea and abroad. Kia Motors Vice President Shin Jong-yoon was elevated to head of the overall quality headquarters in a move designed to step up quality control. Shin was praised for his roles in quality control, which led to a better reception in surveys by J.D. Power and Associates, a global marketing information firm that conducts independent and unbiased surveys of customer satisfaction, product quality and buyer behavior.

KEY LG CEOS RETAINED
Unlike the SK Group's reshuffle of key affiliate CEOs, including the appointment of SK Network President & CEO Jung Man-won to become SK Telecom president, the LG Business Group retained all key affiliate company CEOs. In an unprecedented move, the group elevated Vice President Cho Jung-ho, 49, as the chief operating officer (COO) of the group's holding company.
Cho participated in the group's innovation program, dubbed the "V Project," together with LG Electronics Vice Chairman and CEO Nam Yong, so keen attention was paid to how Cho and Nam could have synergetic effects, said sources familiar to the conglomerate, adding that the group's strategy is to maintain stability while conducting a generational change and internal innovation to overcome the recession and capitalize on a following boom.

GS HOLDINGS PRESIDENT PROMOTED
The GS Business Group promoted GS Holdings President & CEO Suh Kyung-suk, one of GS Holdings' confidants, to vice chairman & CEO, a move designed to ensure continued growth while maintaining stability and yielding profits.

DOOSAN SHUFFLES TOP OF DECK
The Doosan Business Group promoted Doosan Heavy Industries and Construction adviser Shim Kyu-sang as president and Doosan Infracore Machine Tool Business Group (BG) Senior Vice President Kim Woong-beom as Doosan Defense & Technology Co. president. Shim, with ample experience in both finance and maritime plants, will serve as the chief operating officer (COO), while current Doosan Heavy Industries and Construction's president & CEO Park Gee-won will retain the CEO title. nw

Kumho-Asiana Group Vice President Park Se-chang

Asiana Airlines President-COO Yoon Young-doo

Hyundai Motor Vice Chairman Lee Hyun-soon