Hojin Lee Expected to Become Volleyball Federation President... Taekwang Group Regains Vitality

With Heungkuk Life Insurance, a financial subsidiary of Taekwang Group, participating as the title sponsor for professional volleyball, there is growing interest in recent new business investments by Hojin Lee, former chairman of Taekwang Group. Industry insiders interpret this as a sign that the overall vitality of Taekwang Group is being revitalized.

Hojin Lee, former chairman of Taekwang Group. Taekwang Group

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According to the Korea Volleyball Federation on April 21, Heungkuk Life Insurance has signed a three-year title sponsorship agreement for the V-League. With this sponsorship, there is a prevailing atmosphere that former chairman Lee, the owner of the Heungkuk Life Insurance volleyball team, is virtually confirmed to become the next president of the Korea Volleyball Federation. The Federation is scheduled to hold a board meeting later this month to finalize the appointment of the next president. It is reported that there are no disagreements among the clubs.

If former chairman Lee assumes the presidency, he will become the second generation to participate in volleyball administration, following the late Imyong Lee, the founder of Taekwang Group, who previously served as president of the Korea Industrial Volleyball Federation. Taekwang Group has supported volleyball for over 50 years, starting with the establishment of an industrial team in the 1970s and continuing with the professional team Heungkuk Life Pink Spiders and the volleyball teams of Sehwa Girls' Middle and High School.

Former chairman Lee is known for his strong interest in nurturing young athletes. After taking office as chairman of the group’s school foundation in April, he emphasized the importance of school-level support, such as remodeling dormitory facilities and managing nutrition, so that the players of Sehwa Girls' Middle and High School volleyball teams can focus on improving their performance.

Along with Lee's anticipated appointment as the next president of the Korea Volleyball Federation, Taekwang Group is also undertaking a business portfolio restructuring to embark on another phase of growth. The group’s rank within the Korean business community had slipped to around 50th place due to sluggish performance in its core petrochemical business and delays in new business investments. However, it has recently been aggressively investing in cosmetics, healthcare, and real estate, thereby reorganizing its business portfolio. Taekwang Group has been pursuing mergers and acquisitions worth approximately 1.5 trillion won, including the acquisitions of Aekyung Industrial, Dongsung Pharmaceutical, and Courtyard Marriott Myeongdong Hotel. The group is also currently participating in the acquisition bid for K Shipbuilding.

Former chairman Lee, who in the past elevated Taekwang Group to the top 30 in the business community through acquisitions of regional cable broadcasters, insurance companies, and savings banks, is now serving as a management advisor for Taekwang Industrial and is known to provide counsel across various fields. An industry insider commented, "The group is gradually expanding its reach by simultaneously restructuring its business portfolio through aggressive mergers and acquisitions and engaging in external activities such as sponsoring sports. After more than a decade of stagnation, its presence within the business community is expected to grow steadily."

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