South Korea’s major business groups are witnessing a significant generational shift in corporate leadership as a new wave of leaders, born in the 1980s and 1990s, are emerging.
These third and fourth-generation entrepreneurs are taking on CEO roles and stepping into the forefront of management, marking a new era of leadership in the country’s business landscape.
Lee Yeon-soo, the eldest daughter of former Chairman Lee Dong-chae, has been promoted to the position of Executive Vice President at EcoPro Group, according to industry insiders on December 5th.
Lee, who was born in 1991, works as a venture capitalist at EcoPro Partners (previously known as iSquare Ventures), a startup investment company founded by EcoPro in 2020. EcoPro Partners is responsible for identifying promising battery and eco-friendly companies in Korea and around the world.
Her brother, Lee Seung-hwan, was born in 1989 and joined the board of directors at Ecopro. He is responsible for overseeing the company’s future strategy and business planning.
Lee Seung-hwan joined the company a year earlier than his sister. Previously, he was in charge of overseas business at Ecopro BM, a battery manufacturing company. However, he moved to its holding company, Ecopro, in April of this year to head the future strategy of the enterprise. Currently, Lee focuses on managing the group’s business planning and marketing.
It was anticipated that the two siblings who were recently promoted would gradually become more involved in the group, especially since there were negative factors such as the detention of the former chairman Lee, and the slow growth of the industry.
However, despite their promotions and increasing presence in the group, analysts warn that the siblings, who hold only small stakes in the company, may be too young to take over the company completely.
As of the end of September, Lee Seung-hwan and Lee Yeon-soo hold 0.14% and 0.11% stakes in Ecopro, respectively. They also hold 30% each in Daisy Partners, a related entity that holds about 5% of the company.
In addition, Doosan Group, one of the largest conglomerates in Korea, has officially welcomed the fifth generation of owners born in the 90s. Park Sang-soo, the eldest son of Doosan Group Chairman Park Jung-won, was born in 1994 and joined the holding company of the group in September.
As the Chief Strategy Officer (CSO) at Doosan, Park is accountable for developing comprehensive business strategies and identifying new business opportunities across the group. Prior to joining Doosan, Park worked as a semiconductor analyst at Korea Investment & Securities from 2020 until earlier this year.
Park Sang-woo, the eldest son of Park Ji-won, who is the Vice Chairman of Doosan Group and Chairman of Doosan Enerbility, has been employed at HiAxiom, Doosan Fuel Cell’s U.S. subsidiary, since 2022. Park Sang-woo, who is the same age as Park Sang-soo, previously worked as a consultant at Boston Consulting Group from 2018 until early last year. HiAxiom aims to be listed on the Nasdaq by 2025.
The spotlight is also on Lee Sun-ho, the eldest son of CJ Group Chairman Lee Jay-hyun, due to his recent move. Lee joined the group in 2013 through a recruitment program and is leading the group’s food businesses and growth strategies. He was born in 1990, and joined the group earlier than others.
In recent times, the third and fourth generations of entrepreneurs, who are currently in their 30s and 40s, have taken up leadership positions in their respective companies.
For instance, Chung Ki-sun, who was born in 1982 and serves as the president of HD Hyundai, was promoted to the position of vice chairman this year. Similarly, Kim Dong-seon, the third son of Hanwha Group Chairman Kim Seung-Youn, born in 1989, was also promoted from his previous role as head of strategic management at Hanwha Galleria to the position of vice president.
Koo Dong-hwi, who is the eldest son of LS Group’s Chairman Koo Ja-yeol, was born in 1982. He has recently moved from his position as CEO of LS Electric to become the Chief Operating Officer (COO) of LS MnM.
Lee Kyu-ho, who is the eldest son of Chairman Emeritus of Kolon Group Lee Woong-yeul, was born in 1984. He was promoted to President and then to Vice Chairman within a year.
In his new role, Lee Kyu-ho will oversee Kolon Corporation’s strategy, as the holding company of the OCI Group. Additionally, UNID, a chemical company affiliated with OCI Group, has appointed Lee Woo-il, born in 1981, as its new president.
This article was originally published on Dec. 5, 2023.
