S. Korea's Daesang Group speeds up hereditary succession to daughters

Two heiresses to family-owned Korean food conglomerate Daesang Group were promoted to senior executive level, indicating acceleration in the hereditary succession.

According to Daesang Group on Thursday, Daesang Group honorary chairman Lim Chang-wook’s two daughters - Lim Se-ryeong and Lim Sang-Min - were promoted to the second-highest title of senior managing directors each in charge of spearheading marketing and strategy planning. The promotion will be effective from December 1.

The group chairman’s elder daughter, Se-ryeong who has been working as a creative director of Daesang’s food business team will become the senior managing director in charge of marketing of the food business unit while her younger sister Sang-min will oversee planning at food and material business units.

The appointment suggests the younger daughter may be in grooming as the heiress-in-waiting as she oversees the two key business units while her older sister is restricted to marketing.

Separately, the group promoted Lee Sang-choel, head of food business unit to the same unit’s president and also moved up Jung Hong-un, head of food materials business unit to the same unit’s president. Lee previously worked as a chief executive officer of food company Daesang FNF Corp. and Jung led Daesang’s Bundang regional headquarters, south of Seoul.

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