Korea’s major conglomerates are moving to speed up generational shifts in leadership, in a strategic move to tackle economic uncertainties by injecting younger approaches to conventional businesses.
Korea Development Bank (KDB) is speeding up efforts to sell off a string of tax-financed companies, including HMM and KDB Life Insurance, after repeatedly making multiple, unsuccessful attempts to do so.
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Hana Financial Group has been picked as the preferred bidder to acquire KDB Life. Korea Development Bank (KDB), which is the largest shareholder of the life insurer, announced on Thursday that it picked Hana Financial Group as the preferred bidder after considering diverse factors, such as eligibility as a bidder, probability of the deal being completed, and the mid- to long-term development of the insurer.
Park Jun-kyung, the eldest son of Kumho Petrochemical Chairman Park Chan-koo, was promoted to president from senior executive vice president, as part of the company s management succession to the third generation of its owner family, according to the synthetic rubber maker, Friday. With the promotion, the younger Park became president a year and a half after being promoted to senior executive vice president. He is a grandson of the petrochemical company s founder Park In-chon.