Hankook Tire 'Brother's Rebellion'...The power to succeed to the second son's management
Hankook Tire 'Brother's Rebellion'...The power to succeed to the second son's management
  • 박상인 기자
  • 승인 2020.06.30 06:36
  • 최종수정 2020.06.29 17:38
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This article is translated by AI company Flitto and Infostock Daily using neural machine translation technology.
Vice Chairman Cho Hyun-sik (left) and President Cho Hyun-beom (right) [Photo = Provide Korea Technology Group]

[Infostock Daily= Reporter Park Sang-In] Cho Yang-rae, chairman of Korea Technology Group, sold his entire stake to his second son, Cho Hyun-bum, president of Korea Technology Group.

According to the tire industry on the 29th, Chairman Cho reportedly sold his entire stake in the Korea Technology Group (23.59%) in the form of block deal (out-of-hours mass trading) to President Cho Hyun-bum on the 26th. As a result, Cho Hyun-bum added a stake in Cho to 19.31%, which is the largest shareholder of Korea Technology Group with 42.9%.

The Korea Technology Group has repeatedly said it is checking internally without making a denial.

Cho Hyun-bum, the former president, has been in charge of group management with his brother Cho Hyun-sik, who had little difference with 19.32% and 19.31%.

Recently, Cho resigned as CEO of Hankook Tire & Technology ahead of the appeal trial, and it was observed that Cho Hyun-sik, vice chairman, was weighing.

Cho, the son-in-law of former President Lee Myung-bak, inherited his stake from his father, Cho. It is not clear how to manage in the future.

Cho Hee-won, the eldest daughter of Cho, is known to support his eldest son, Cho Hyun-sik, who owns a 10.82% stake in the group.

If Cho Hyun-sik, vice chairman of the company, disputes management rights with Cho Hee-won, the national pension, which holds a 7.74% stake, is likely to become a casting vote.

Reporter Park Sang-In si2020@infostock.co.kr

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