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“Princes” of Groups Start to Join Management

Posted December. 28, 2004 22:47,   


Junior large conglomerate heads or majority shareholders are wasting little time before appearing in front of management.

They are focusing on strengthening their positions in professional management, and not just as members of owners’ families, by learning business management step by step at their fathers’ companies in preparation for the future when they receive management control from their fathers. In addition, they are also trying to solidify their positions as large shareholders of their companies by continuously purchasing shares in an effort to defend management control.

The business community is paying keen attention to whether they can successfully find their position in their companies, succeeding their fathers’ “entrepreneurship.”

In LG Cable Group, Junior Majority Shareholders Join Management-

In LG Cable Group which separated from the LG group late last year, junior large shareholders were recently appointed as core executives of a major company subsidiary, to start participation in management in earnest.

E1 (former LG-Caltex Gas) promoted Goo Ja-yong (49), the second son of honorary chairman Goo Pyeong-hoi, from vice president to president. Prior to that, Goo Ja-gyun (47), the third son of the honorary chairman and a Korea University professor, was appointed vice president in charge of LG Industry Systems.

Goo Ja-eun (40), the only son of the honorary chairman of Kukdong City Gas, Goo Doo-hoi, was also promoted from director to executive director within a year.

LG Cable Group appointed Goo Ja-hong (58), the eldest son of honorary chairman Goo Tae-hoi, as chairman according to the traditional principle of primogeniture.

The first generation of owners of LG Cable group consist of the current honorary chairmen and brothers of Goo In-hoi, the late LG group founder, Goo Tae-hoi, Goo Pyeong-hoi and Goo Doo-hoi, who have all retired from management.

Lotte Vice Chairman Shin Dong-bin is Strengthening His Position-

Shin Dong-bin(49), the second son of Lotte Group chairman Shin Gyeok-ho, has recently seen his position strengthened considerably. Experts say that he effectively completed all preparations to become the successor of his father.

Shin became vice chairman of the Lotte group in 1997 and also held the job of president of Lotte Confectionery, which is the parent company, and Honam Petrochemical, a future business of the group starting from this year. In October, he also assumed the post of chief of the policy division of Hotel Lotte in charge of business direction coordination and restructuring, practically assuming the responsibility for managing the group.

Juniors in Their 30s are Learning Business Management-

Three sons of Cho Seok-rae, the chairman of the Hyosung Group, are working in the strategy division of Hyosung where they are searching for the group’s mid-and long-term management strategies. Vice president Cho Hyun-jun (36), managing director Cho Hyun-mun (35), and executive director Cho Hyun-sang (33) are working as experts in many fields such as law and management strategy in the company.

Hur Jeong-seok (35), the eldest son of Iljin Group chairman Hur Jin-kyu, joined Iljin Electric as an executive director and recently got promoted to managing director.

Chung Ji-sun (32), the eldest son of Hyundai Department Store Group chairman Chung Mong-geun, was promoted from vice president to vice chairman, practically joining management in earnest. The second son of chairman Chung, Chung Gyo-sun (30) was also recently promoted from general manager to director, learning about management in earnest.

Chung Eui-sun (34), a son of Hyundai-Kia Motors group executive Chung Mong-gu, who is working as vice chief of the General Planning Division of Hyundai-Kia Motors and chief of the Planning Division of Kia Motors, recently took the lead in the company’s business at home and abroad, including the construction of a plant in Slovakia. His current position is vice president.

Lee Jae-yong (36), executive director of Samsung Electronics and a son of Samsung group chairman, Lee Gun-hee, is also intensively learning management skills and preparing for the future.

Do-Young Kim Im-Sook Ha nirvana1@donga.com artemes@donga.com