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Biz News Korea(Eng)
AmorePacific Group speeds up hereditary succession
- Collected
- 2016.12.30
- Distributed
- 2017.01.02
- Source
- Go Direct
AmorePacific Group Chairman Suh Kyung-bae
Suh Min-jung, the oldest daughter of AmorePacific Group Chairman Suh Kyung-bae and granddaughter of the group’s founder late Suh Sung-hwan, will join the group in Jan. 1, 2017, according to the company.
The junior Suh graduated from Cornell University in the U.S. with a degree in economics last year and had briefly worked at global consulting firm Bain & Company since July last year. She will spend her apprenticeship at the group’s cosmetics factory in Osan, learning the basics of cosmetics manufacturing and management, according to an unnamed official at the company. Chairman Suh also started his career at the company’s another factory in Janghang when he joined the company in the late1980s.
With junior Suh joining the group, the group’s succession plan has become much clearer. She is already the second-largest shareholder after her father as an individual shareholder. She had been given shares of Amore at her age of 12 and stakes in AmorePacific and AmorePacific Group at 15. In 2012, she also received an 18.18 percent and a 19.52 percent stake in the group’s unlisted subsidiaries Innisfree and Etude, respectively, from her father. The junior Suh currently controls a 2.71 percent stake in AmorePacific Group as her inherited wealth in 2,412,710 preferred stocks was converted into common stocks in December 16, allowing her to carry voting rights.
By Kang Da-young
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]