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【Youth Daily 【Samsung Group Chairman Lee Kun-hee passed away on the 25th at the age of 78. When President Lee Kun-hee passed away, all the protagonists of the ‘Han River miracle’ that led Korea’s economy disappeared behind the scenes of history. Along with this, the business world is undergoing a large-scale generation shift, focused on the total number of third and fourth generations.
In January, Honorary Chairman Gyeok-ho Shin, founder of Lotte Group, passed away at the age of 99. There was a sibling conflict over the position of the group leader, but now Lotte is in charge of the group’s management by Chairman Shin Dong-bin, the second generation, and the second son.
Former Daewoo Group Chairman Kim Woo-jung, who had become Korea’s second largest group, and LG Group Honorary Chairman Koo Ja-kyung, the second-generation leader of LG Group, also passed away in December of last year. In the case of LG Group, the third chairman, former chairman Koo Bon-moo, passed away in 2018, and the current 4-year administration is underway under the leadership of Kwang-mo Koo.
The third generation management of Hyundai Motor Group began in earnest when President Eui-sun Eui-sun took office on the 14th. President Chung Mong-koo, who has led Hyundai Motor as head of the group for 20 years since 2000, resigned as honorary president in terms of generational change and innovation.
GS Group also began managing the fourth generation when Honorary President Huh Chang-soo resigned and GS E&C Vice President Huh Yun-hong was promoted to President. Heo Dong-soo, the eldest son of GS Caltex president Se-hong Huh, was also promoted to president and entered the management front.
Hanwha Group was recently inaugurated by Hanwha Solutions Chairman Kim Dong-gwan, the eldest son of Chairman Seung-yeon Kim, and Chairman Cho Won-tae, Hanjin Group’s eldest son, took office when Chairman Cho Yang -ho passed away from a chronic illness in April last year. Shinsegae Group is in the process of changing generations by donating shares to Vice President Jeong Yong-jin and General President Jeong Yoo-kyung.
Hyosung Group’s eldest son, Hyun-joon Cho, was promoted to president after honorary president Seok-rae Cho retired in 2017, and vice president Cho Hyun-sang, the third son, was promoted to general president. When former president Lee Woong-yeol announced his retirement, the eldest son, Lee Gyu-ho, was appointed chief operating officer.
The total number of third and fourth generation is mostly young people between 40 and 50 years. Unlike the previous generation, where the controls against each other were fierce, they are known to be close and do not hesitate to ‘reform’ and ‘innovation’. As they come to the fore, a new business environment is expected to be established.
A business official said: “In the rapidly changing environment due to Corona 19, we are very interested in the movement of young bosses who emphasize ‘innovation’. As the era of third- and fourth-generation bosses begins in earnest, the corporate world is changing faster and more actively than before. It will be seen. “
【Youth Diary = Reporter Park Joon-young】
