Resignation of Cho Hyun-bum, CEO of Hankook Tire

[Asia Economy Reporter Suyeon Woo] Cho Hyun-bum, President of Hankook Tire & Technology (photo), has resigned from his position as CEO.

On the 23rd, Hankook Tire & Technology announced that President Cho has stepped down and the company will transition to a sole representative system under Lee Soo-il. President Cho is the second son of Cho Yang-rae, former chairman of Hankook Tire, and also the son-in-law of former President Lee Myung-bak. The company stated that President Cho is resigning from his CEO position after about two years due to personal reasons.

President Cho was indicted on charges including breach of trust and embezzlement in the course of business, and on April 1, he was sentenced in the first trial to three years in prison with a four-year probation period and a fine of 615 million won. The Seoul Central District Court explained the sentencing by stating, "He betrayed the trust of the company and its stakeholders by using his superior position to secure funds from suppliers over a long period, and the amount involved was substantial."

Cho Hyun-beom, President of Hankook Tire

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