Sibling rivalry: Cho Hyun-sik resigns as vice-chairman of Hankook holding firm
Cho Hyun-bum is now the sole head of Hankook & Company, the holding company that oversees Hankook Tire & Technology and seven other affiliates. Older brother Cho Hyun-sik announced his resignation as vice-chairman in a letter to shareholders yesterday
Providing context for yesterday’s development, Pulse by Maeil Business News Korea notes that it occurred amidst “the ongoing family feud at the tyre giant over the control of the management” between second son Cho Hyun-bum, formally picked by father and company chairman Cho Yang-rai, and other siblings Including oldest son Cho Hyun-sik and daughter Cho Hee-kyung.
Last June, Cho Yang-rai sold his 23.59 per cent stake in Hankook Technology Group (as Hankook & Company was known until the end of last year) to Cho Hyun-bum. The sale made the chief executive the largest shareholder of the parent company of South Korea’s largest tyre manufacturer, with around 42.9 per cent. Brother Hyun-sik holds 19.32 per cent and sister Hee-won 10.82 per cent.