이 기사는 2022년 05월 06일 08:13 thebell 에 표출된 기사입니다.

South Korea’s Hankook & Company Group has formally entered a new era under chairman Cho Hyun-bum after honorary chairman Cho Yang-rai gifted his stake in the group’s crown jewel Hankook Tire & Technology to his younger son.

The company said in its regulatory filing on Tuesday that the senior Cho handed down more than 7 million shares, or his entire 5.67% stake in Hankook Tire & Technology to Hyun-bum on April 27.

After the share transfer, chairman Cho’s stake in the company increased from 2.07% to 7.73%. Hankook Tire & Technology’s largest shareholder is Hankook & Company, the holding company of the group, with a 30.67% stake.

This was the second transaction between the senior Cho and his younger son. In June 2020, the senior Cho sold his 23.59% stake in Hankook & Company to chairman Cho in a block deal, which increased his stake from 19.31% to 42.9%. Hyun-bum's elder brother Hyun-sik held a 19.32% stake in the company.

The senior Cho is expected to serve as an adviser to the group.

“The succession process started when honorary chairman Cho made his younger son the new leader of the group by handing down his shares to Cho,” a Hankook & Company official said. “The latest gift of Hankook Tire & Technology shares indicates the completion of the succession of management rights.” (Reporting by Seo-young Kim)