"No-Owner-CEOs" Are ComingThe faces of chaebol are now changing. In the Korean business world, the owners of companies have displayed a take-all, do-all attitude which in days past served them well.
However, things are changing drastically as the restructuring process of chabol deepens.
'The Era of No-Owner-CEOs' is approaching.
Hyundai Group has appointed three CEOs who have no ownership claims to the company since the recent personnel reshuffling this past December.
Park Se Yong, chairman of Hyundai Merchant Marine, Hyundai's export window, became CEO after 10 years of presidentship. Chairman Lee Ik Chee of Hyundai Securities and Chairman Kim Hyung Byuk of Hyundai Heavy Industries are also CEOs without owership or family ties to Hyundai Group's owners.
LG also has three non-owning CEOs: Chairman Sung Jae Kap of LG Petrochemical; Chairman Huh Chang Soo of LG Cable & Machinery; Chairman Byon Gyu Chil of LG Telecom.
The chairman of SK Group, Son Gil Seung, and Samsung's chairmen, Kang Jin Ku and Lee Soo Bin hold the same positions.
These 'No-owner-CEOs' signify that a difference between ownership and management in order to promote efficiency will be more widely introduced.
Especially in Hyundai's case, of which recent management moves can be interpreted as a way of distributing the rights of management to prepare for the elderly Hyundai honorary chairman and founder, Chung Ju Yung's death.
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