Korea & Company Appoints President Cho Hyun-beom as New Chairman of the Board

President Cho Hyun-beom, COO & CSFO of Hankook Tire Worldwide

[Asia Economy Reporter Ki-min Lee] Cho Hyun-beom, the second son of the chairman of Korea Tire & Technology's holding company Korea & Company, has been elected as the new chairman of the board.

According to industry sources on the 1st, Korea & Company held a board meeting that day and approved the agenda to change the chairman of the board from the eldest son, Vice Chairman Cho Hyun-sik, to President Cho. A Korea & Company official stated, "After the shareholders' meeting, the newly formed board changed the chairman to President Cho."

Since Professor Lee Han-sang of Korea University was appointed at the Korea & Company shareholders' meeting held on the 30th of last month, the resignation of Vice Chairman Cho from the CEO position became apparent, and the board is interpreted to have reflected this. Prior to the shareholders' meeting, Vice Chairman Cho had stated in a shareholder letter that he would step down from the CEO position if Professor Lee was appointed as an outside director and audit committee member.

In a written interview before the shareholders' meeting, Vice Chairman Cho said, "Having been with the company for 25 years, I have felt that governance reform is a trend of the times and have made efforts accordingly, but considering internal and external circumstances, I judged that this is no longer a problem that can be solved by internal efforts alone," adding, "I am not attached to any title."

Some analysts suggest that Chairman Cho, as a major shareholder, will continue to be involved in group management, keeping the spark of management disputes alive. Vice Chairman Cho holds the positions of CEO and chairman of the board of Korea & Company, as well as vice chairman and inside director. His term as inside director lasts until March next year.

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