GS Group chairman retires, passes baton to younger brother
SEOUL (The Korea Herald/ANN) - GS Group said Tuesday that Huh Tae-soo, vice chairman of its TV shopping channel subsidiary, will lead the energy-to-retail giant and also be chairman of its board.
The leadership succession at South Korea’s eighth-largest conglomerate will be carried out after a shareholders meeting next year.
Huh, who is now with GS Home Shopping, replaces his elder brother Chairman Huh Chang-soo who tendered his resignation, citing the need for a leadership transfer amid the fast-changing business environment.
Chang-soo who has been leading GS Group since 2004 will serve as honorary chairman and as chairman of GS Engineering & Construction in which he owns a 9.27 percent stake. The 71-year-old will also remain as the chairman of the Federation of Korean Industries, a major organization representing Korean conglomerates. He has been heading the business organization since 2011.
He had two years remaining for his term as GS Group chairman, but decided to step down saying that he has completed his duty of laying the foundation for its globalization.
The group needs a new leader capable of turning it into a global and digital-centered business entity to take the lead in the fast changing business environment, he said.
The new 61-year-old leader has led GS Home Shopping since 2007, playing a key role in driving its sales growth. For the last 12 years, its sales have nearly tripled while its net profit doubled, by successfully expanding overseas, and strengthening its mobile shopping platform, officials said.