Hankook & Company has appointed Cho Hyun-bum, the younger son of Honorary Chairman Cho Yang-rai as the new leader of the group.
Hankook Begins New Era Under New Chairman
Cho, former CEO of affiliate Hankook Tire & Technology, will begin his term on 1st January, 2022. He joined Hankook Tire & Technology in 1998, and served in positions including head of marketing, management planning and CEO.
As CEO of Hankook Tire, Cho was instrumental in driving the company’s growth in the global market and raising the premium image of the Hankook Tire brand. He led the way in securing large-scale investments in China, Hungary, and the US, expanding the company’s portfolio of production capabilities to eight sites around the world. As a result, Hankook Tire recorded aggregate sales of 6.45 trillion won in 2020 and claimed the sixth spot on the list of largest tyre brands in the world in the midst of a volatile economy brought on by Covid-19.
Under Cho’s leadership, Hankook Tire blossomed into an open, horizontal organisation. He created an autonomous working environment fostering creativity and innovation, and strengthened the company’s commitment to ESG by directly handling all related initiatives. He has also particularly shown his keen foresight for new growth engines and business opportunities, as more recently was demonstrated through the acquirement of a 57 per cent stake in Preciseley Microtechnology Corporation, a Canadian micro-mechanical (MEMS) company in November. Cho’s expanded role as Chairman of Hankook & Company allows him to continue strengthening core business competitiveness and lead the Group to the future.