Summary
GS Group’s succession candidates include Samyang Tongsang President Huh Joon-hong, GS Caltex President Hur Sae-hong, GS Corporation Vice President Hur Suh-hong, and GS Construction President Huh Yoon-hong. These individuals, who are actively involved in management at the group’s major affiliates, are consistently identified as candidates for the next chairman in the business world.
A notable point is that there has not yet been a promotion to vice chairman. Chairman Huh Tae-soo was promoted to vice-chairman at the end of 2014 during his tenure at GS Home Shopping. He was 57 years old at that time. Generally, promotion to vice-chairman is seen as a signal that succession is imminent. There is a precedent of brother-to-brother succession from Chairman Huh Chang-soo to Huh Tae-soo, so it is predicted that a similar pattern might occur, with the eldest of the fourth generation inheriting the management rights.
Hur Sae-hong
As of the end of 2022, among the eight “-hong” executives in the third generation succession pool, Hur Sae-hong, the president and CEO of GS Caltex, holds the largest share in the parent company at 2.37%. He also serves as the chairman of the board of GS Caltex.
He is a fourth-generation executive of the GS Group and one of the candidates for the next chairman. Considering his position and rank, he appears to have the highest priority in succession. Born on Nov. 21, 1969, in Seoul, he is the eldest son of Hur Dong-soo, the honorary chairman of GS Caltex, also known as “Mr. Oil.”
He graduated from Whimoon High School in Seoul and the Department of Business Administration at Yonsei University. He received his master’s degree from Stanford Graduate School of Business in the United States.
He started his career at Osaki Electric in Japan and worked at Bankers Trust Korea branch and IBM’s New York headquarters. He joined GS Caltex and worked in its Singapore branch and Yeosu plant, serving as the head of the Petrochemical Business Division and the head of the Petrochemical and Lubricant Business Division.
He enjoys and is good at golf and has a quiet personality. In 2008, he was included in the Young Global Leaders of the year selected by the World Economic Forum (WEF, Davos Forum).
Hur Suh-hong
As GS conducts family management, there are more candidates for the next chairman. Next in line after President Hur Sae-hong is Vice President Hur Suh-hong. Born in 1977, Vice President Hur Suh-hong moved from GS Energy to the Future Business Team of GS Corp. in September 2020. He is known for leading significant mergers and acquisitions (M&A) within the group, particularly the acquisition of Hugel, the leading botulinum toxin company in Korea, in August 2021.
Huh Yoon-hong
President Huh Yoon-hong of GS Engineering & Construction (E&C) is the only fourth-generation member to hold the title of president in the group, along with President Huh Se-hong. Born in 1979, President Huh Yoon-hong recently took charge as the Future Strategy Representative (CinO) of GS E&C. GS E&C reorganized its existing new business division into the future strategy division and created the CinO position. Huh Yoon-hong is leading new businesses, including modular housing, hydrogen and biodiesel plants, and water treatment, in addition to the core business of housing construction.
Huh Joon-hong
There is also Samyang Tongsang President Huh Joon-hong, the eldest grandson of the GS Group. Although he left the GS Group to move to a family-owned company, he has maintained his position as a major shareholder by increasing his shares in GS Corp. Huh Joon-hong is the son of Samyang Tongsang Chairman Huh Nam-gak and the eldest son of the late founder Huh Man-jung of the GS Group.
