Hankook confirmed appointments reflecting the Group’s commitment to accelerating growth and innovation in a dynamically changing business environment.
Hankook Appoints Key Executive’s for 2022
Hyunbum Cho is the new Chairman of Hankook & Company, succeeding Yangrae Cho, who has been appointed Honorary Chairman. Sanghoon Lee, President of Hankook Tire Europe, assumes responsibility as Executive Vice President. The changes at Hankook’s executive level involve a total of three executive vice presidents, three senior vice presidents and 14 vice presidents. These promotions reflect Hankook’s commitment to further accelerate growth and innovation. The announcement is headlined by the appointment of current CEO Hyunbum Cho as Chairman of Hankook & Company. Previous CEO Yangrae Cho, now serves as the Honorary Chairman of the Group.
Chairman Hyunbum Cho first joined Hankook in 1998, subsequently becoming the head of the Marketing Division and Business Strategy Division. As CEO of Hankook, Cho was instrumental in driving the company’s growth in the global market and establishing the premium image of the Hankook brand. He led the way in securing major investments in China, Hungary and the U.S., expanding the company’s portfolio of production capabilities to eight locations worldwide. As a result, Hankook recorded aggregate sales of 6.45 trillion KRW (4.79 billion EUR) in 2020 and claimed the sixth spot on the list of the world’s largest tyre brands in the midst of a volatile economy brought on by Covid-19.
Under Hyunbum Cho’s leadership, Hankook evolved into an open, horizontal organisation. He created an autonomous working environment fostering creativity and innovation, and strengthened the company’s commitment to ESG (Environmental Social Governance) by directly handling all related initiatives. He has also particularly shown his keen foresight for new growth areas and business opportunities, as more recently was demonstrated in November 2021 with the acquisition of a 57 per cent stake in Preciseley Microtechnology Corporation, a Canadian micro-mechanical (MEMS) company. Cho’s expanded role as Chairman of Hankook & Company allows him to continue strengthening the core business competitiveness and lead the Group into the future.
Bonhee Ku has been promoted to Executive Vice President, reflecting his contributions in leading the technological innovation at Hankook including the development next generation EV and UHP tyres (Ultra-High-Performance tyres). Sanghoon Lee, who previously led the Europe Headquarters, is now Executive Vice President after having achieved dramatic growth in the UHP tyre segment for Hankook in Europe.