Taekwang reshuffles leadership in major subsidiaries

Sung Hoi-yong [Courtesy of Taekwang Group]

Taekwang Group initiated a change in CEO across three major subsidiaries, including Taekwang Industrial Co. It is the first executive personnel reshuffle after former Taekwang Group Chairman Lee Ho-jin’s reinstatement, with previous personnel changes within the company primarily executed at the subsidiary level. The placement of individuals directly recruited by Lee in key positions is raising speculation about his potential return to leadership at the Korean conglomerate.

Taekwang Group announced executive personnel changes scheduled for 2024 on Sunday, with Tcast CEO Sung Hoi-yong appointed to head Taekwang Industrial, the group’s flagship company. Lee holds the largest ownership stake in Taekwang Industrial at 29.48 percent, and Sung assumed the role of CEO of Tcast, a media company under Taekwang, in June 2023. He concurrently serves as the vice chairman of the Management Consultative Committee, the consultative body for group subsidiaries, and chairs the Group’s Future Committee, formed in October to pivot Taekwang Group towards Environmental, Social, and Governance (ESG)-centered management. Sung’s background lies in the media industry, and he has reportedly cultivated a strong relationship based on trust with Lee over time.

Um Jae-yong, the newly appointed CEO of Tcast, joined Taekwang alongside Sung in June and also hails from a media background. Oh Yong-geun, a former executive at Taekwang Industrial, was appointed as the CEO of Daehan Synthetic Fiber. Lee Choong-hyo, who was previously in the Management Planning Team at Tcast, was promoted to the position of deputy vice president, becoming Taekwang Group’s first internally promoted female executive.