Korean conglomerates kick off generation succession for new growth engines

Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin [Photo provided by Lotte Group]

The third- and fourth-generation members of South Korean conglomerates - born in the 1980s - are expanding their presence in management.

According to multiple sources from the conglomerate circle on Tuesday, Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin, was appointed as the chief executive officer (CEO) of Lotte Financial in Japan.

Shin, 37, joined Lotte Group in 2020 and has gained management training experience at Lotte Chemical Corp. and Lotte Holdings in Japan.

He went to Keio University in Japan and worked at Nomura Securities Co. before studying business administration for a master’s degree at Columbia University in the U.S.

Shin is expected to expand his reach in the financial sectors of Lotte businesses in Japan.

Among GS Group family members are Huh Joo-jong, director at GS Caltex Corp. Huh Tae-hong, CEO of GS Futures, and Huh Jin-hong, director at GS Engineering & Construction Corp.

Tae-hong, 38, became the CEO of GS Futures last year.

GS Futures, a venture capital firm based in the U.S. Silicon Valley, focuses on investing in new technology startups in North America.

Since he assumed leadership, the venture capital has invested in promising startups, including the construction technology startup Pro Platforms Inc. in April.

Lee Kyu-ho, the great grandson of Kolon Group founder, has also emerged as a prominent figure in the conglomerate.

Lee Kyu-ho, the great grandson of Kolon Group founder [Photo provided by Kolon Group]

Lee heads Kolon Mobility Group, which was established in January as a spin-off of Kolon Global’s automotive division. Kolon Mobility is an authorized dealer for major imported car brands, including BMW, Rolls-Royce, Audi, and Volvo.

Lee has ambitious plans to expand the company beyond its current role as a dealership. The vision includes venturing into the certified used car business for imported vehicles. Additionally, he aims to diversify the company’s portfolio by exploring new opportunities, such as introducing the Swedish electric bike brand CAKE to the Korean market.

At CJ Group, Lee Sun-ho, the eldest son of Chairman Lee Jay-hyun, is expanding its leadership role at CJ CheilJedang Corp.

In January 2022, the younger Lee was promoted to executive leader of food strategic planning and plays a crucial role in driving CJ’s global growth strategy, focusing on North America.

Born in 1990, he studied financial economics at Columbia University.

He demonstrated his leadership capabilities by spearheading the partnership between the Bibigo brand and the highly popular National Basketball Association (NBA) team, the Los Angeles Lakers.

Koo Hyung-mo, the eldest son of LX Group Chairman Koo Bon-joon, is the CEO at LX MDI, the group’s internal management consulting firm.

He studied economics at Cornell University and has previously gained professional experience working at LG Electronics Inc.

BGF Group, a prominent convenience store chain in Korea, is undergoing a transition to second-generation management. Brothers Hong Jung-kook and Hong Jung-hyuk, both born in the 1980s, are at the helm of the existing convenience store business and the new materials-focused business, respectively.

At Hanwha Group, Vice Chairman Kim Dong-kwan, 40, plays a crucial role in leading decision-making processes for the group’s core businesses, including solar panels, defense, and shipbuilding.

Chung Ki-sun, 41, is the CEO at HD Hyundai Co. and spearheads the new growth engine of autonomous ships for HD Hyundai Heavy Industries Group.