Tension is riding high in the nation’s corporate world as the majority of South Korean conglomerates are set to announce their annual personnel reshuffles this month.
“Unlike previous times, Korea will see more executives in their 30s from chaebol owner families at the year-end as conglomerates seek to stabilize their corporate governance amid rising uncertainties in the local and global business environments,’’ industry sources said.
The prediction was made based on the recent personnel reshuffles in Hyundai Heavy Industries and LG Group.
In October, Hyundai Heavy Industries conducted its annual personnel reshuffle ahead of other conglomerates, acting quickly to restore its faltering shipbuilding business.
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Hyundai Heavy Industries vice president Chung Ki-sun |
The firm’s list of promotions included Chung Ki-sun, 31, the eldest son of the shipbuilder’s largest shareholder Chung Mong-joon.
The junior Chung was being promoted to vice president just 1.4 years after he entered the company in June 2013 after attaining his MBA degree in the U.S. and working at the Korean branch of Boston Consulting. The company said that in his new role, he will be responsible for the firm’s human resources and finance.
Last week, LG Group, the nation’s fourth-largest conglomerate, promoted LG Corp. general manager Koo Kwang-mo, 36, to vice president. As the only son of the group chairman Koo Bon-moo, the younger Koo has for the past decade been recognized as the group’s heir apparent.
The 69-year-old chairman adopted him from his younger brother Koo Bon-neung in 2004 to prepare for a power shift.
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LG Corp. vice president Koo Kwang-mo |
Koo Kwang-mo serves a department at LG Corp. to develop strategies and projects to create a synergy effect among different LG affiliates, the group said in a press release.
Meanwhile, industry watchers believe Hanwha Group and Dongbu Group are likely to promote the eldest son of each of the group owners to executive levels in their respective reshufflings this month. Both of them are in their 30s.
In the absence of Kim Seung-youn, who is serving jail time, his eldest son Dong-kwan, 31, has been busy turning the group’s solar business into a new growth engine while serving as chief strategy officer at Hanwha SolarOne since 2011.
Despite his young age, group officials said Kim Dong-kwan is ready to take on a bigger role in management, considering his achievements at home and abroad. Kim is a graduate of St. Paul’s School in New Hampshire and of Harvard, where he received a B.A. in government.
Kim Nam-ho, the eldest son of the owner of Dongbu Group, the nation’s 18th-largest industrial giant, is also expected to receive an executive promotion.
The 39-year-old heir apparent is currently working at Dongbu Farm, an agricultural business arm of the group, as a director. Worth up to $600 million, the junior Kim ranked 42nd on Forbes magazine’s list of Korea’s 50 richest people this year.
By Seo Jee-yeon (
jyseo@heraldcorp.com)
