Hankook Tire names new global CEO
Hankook Tire Co. Ltd. has appointed Seung Hwa Suh CEO. He replaces Choong Hwan Cho, who was promoted to vice chairman after a nine-year tenure at the helm.
Suh, formerly president and COO of Hankook Tire Europe, was the driving force behind the company's 500 million euro investment in its first European production facility in Dunaujvaros, Hungary. He also was a key figure behind the restructuring of the European office into a holding company in 2006.
Suh joined the company in 1996 as a director for overseas marketing after working for Hyosung Group. More than half of his 34-year business career has been spent working in either exports or overseas departments and offices.
He led a successful project to reshape the Hankook Tire brand in 2003, and has been a key figure behind the company's renewed distribution channel strategy, which has seen it shift from wholesale to more profitable retail partnerships.
As CEO, Cho oversaw the company's rapid rise to become the eighth largest tire manufacturer in the world. He leaves the post on a high note -- Hankook posted a healthy profit margin of 8.4% in 2006.
He joined Hankook Tire in 1983 as a managing director before becoming CEO in 1997. He also served as president of the Korea Tire Manufacturers Association, and is currently chairman of the Korea-Denmark Economic Cooperation Committee.
For more information, visit Hankook Tire's Web site at www.hankooktire.com.