Hanjin Group owner’s son CEO of Hanjin KAL Holdings

Cho Won-tae

Hanjin Group, the nation’s ninth-largest chaebol, is speeding up its group restructuring by giving more power to the owner’s children.

The group, which owns the country’s top flag carrier, Korean Air Lines, conducted an executive level reshuffle on Christmas Eve, and Executive Vice President Cho Won-tae, the only son of Hanjin Group Chairman Cho Yang-ho, became CEO of Hanjin KAL Holdings, the holding company of the group established Aug. 1.

The CEO position of Hanjin KAL Holdings became vacant when CEO Suk Tae-soo moved to Hanjin Shipping.

Cho’s role will be to oversee the group’s business strategy and KAL sales, and take charge of business management support.

“Vice President Cho Won-tae’s appointment to Hanjin KAL Holdings CEO is in the group’s plan to pursue consistent business strategy and policy as well as strengthen responsibility in management,” the company said in a release.

This year’s reshuffle also promoted Cho Hyun-min (Emily Cho), second daughter of Cho Yang-ho, to senior vice president. She is in charge of KAL’s communications and PR activities. Cho’s older sister, Cho Hyun-ah. is in charge of KAL’s in-flight services and hotel business.

Besides the owner’s children, the group promoted 23 other executives, including Seo Yong-won, senior executive vice president of KAL, to president of Hanjin Corp.

Meanwhile, KAL’s smaller rival, Asiana Airlines, saw its CEO replaced in the reshuffle of Kumho Asiana Group. The group said Air Busan CEO Kim Soo-cheon will lead Asiana. Kim, 57, was credited with putting the low-cost carrier in the black for the past four years.

Asiana said President Yoon Young-doo, who has been leading Asiana Airlines for five years, will be a company adviser.

BY JOO KYUNG-DON [kjoo@joongang.co.kr]