Hansol Paper Appoints Kyungrok Han as New CEO
Hansol Group's management succession is expected to proceed in earnest. This follows the appointment of Han Kyung-rok, vice president and eldest son-in-law of Hansol Group Chairman Cho Dong-gil, as the new CEO of the group's core company, Hansol Paper.
According to industry sources on the 4th, through this personnel change at Hansol Group, the 24-year-long 'Cho Dong-gil regime' is expected to officially transition to third-generation management.
Born in 1979, the appointed CEO Han joined Hansol Group in 2014 and has gained extensive experience across various fields such as strategy, marketing, and sales. Since 2022, he has served as head of the Printing and Thermal Paper Business Division at Hansol Paper, leading aggressive expansion into key global markets including North America, significantly contributing to improved export performance.
The industry particularly interprets the succession process as accelerating with Han Kyung-rok, the son-in-law, taking over the position from Han Cheol-gyu, a veteran 'Hansol man' who has been with Hansol Group for 37 years and served as CEO of Hansol Paper. While Chairman Cho's eldest son, Cho Sung-min, is preparing for management succession at the holding company Hansol Holdings, his son-in-law Han is taking charge of management at the key affiliate Hansol Paper.
Hankyungrok, the newly appointed CEO of Hansol Paper.
Hansol Group initiated third-generation management last year when Vice President Cho was promoted from Executive Director in charge of Hansol Paper's eco-friendly business to Vice President and Head of Business Support Team at the holding company. Born in 1988, Cho joined Hansol Holdings in 2016 and moved to Hansol Paper in 2019. After being promoted to Senior Manager in 2020 and Executive Director in 2021, he skipped the Senior Executive Director position and was promoted directly to Vice President, all within seven years of joining. Cho is responsible for strategic planning across the group.
However, challenges remain, such as Cho's relatively young age and the need to secure funds for increasing his stake in affiliated companies and paying inheritance and gift taxes. Currently, Cho holds only a 3.0% stake in Hansol Holdings, while Chairman Cho, the largest shareholder, holds 17.23%. Cho is expected to gradually increase his shares through funds secured from salary and dividends.
Meanwhile, Hansol Group explained the recent personnel changes by stating, "In a situation where global uncertainties are intensifying and the business environment is rapidly changing, we focused on appointing field-oriented leaders with a high understanding of the company's overall business and who have demonstrated clear business achievements in the field."
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