Korea & Company Eldest Daughter Jo Hee-kyung: "Immoral Management Damages Company Value"

Jo Hee-kyung, the eldest daughter of Korea & Company and chairperson of the Korea Tire Sharing Foundation, who is embroiled in internal strife due to a sibling management dispute, criticized her younger brother Jo Hyun-bum, chairman of Korea & Company, on the 19th, saying, "A manager who operates a company without morality and ethics, as if to satisfy personal greed, has a serious problem."

On this day, Chairperson Jo stated in a position paper, "When Jo Hyun-bum was first detained, the siblings requested to practice righteous management, but he committed the same crime again during the probation period," adding, "I believe that morality and character are the most important virtues for an owner-manager."

She continued, "Employees should not feel that corruption is nothing," and added, "Such management damages the company's value."

Regarding MBK Partners' attempt to acquire management rights, Chairperson Jo said, "Because of the owner's continuous criminal acts and the company's failure to fulfill its social responsibilities and weak governance," she added, "I think it would be much more beneficial to the company and shareholders if even a third party continues this value (righteous management)."

She also claimed that Hyosung Advanced Materials, an affiliate of the Hyosung Group, which has sided with Chairman Jo, is potentially involved in breach of trust. Chairperson Jo said, "If cousins want to support Jo Hyun-bum, they should do so personally," adding, "It is not right to support him with Hyosung Advanced Materials' company funds."

Chairperson Jo pointed out governance issues at Korea & Company and encouraged a public tender offer. She emphasized, "I am someone who is somewhere between a major shareholder and a minority shareholder," and said, "The fact that I agree to the public tender offer means I am aware that there are serious problems with the company's governance."

She added, "I will continue to raise issues as long as I hold even one share of this company's stock."

This content was produced with the assistance of AI translation services.