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[Alpha Biz= Kim Sangjin] Hanon Systems announced on Friday that its largest shareholder has changed to Hankook Tire & Technology, and it has appointed Lee Su-il, Vice Chairman of Hankook Tire, as the new CEO.

On the same day, Hankook Tire paid 1.2159 trillion KRW for the 122.77 million shares of Hanon Systems previously held by its former largest shareholder, Hahn & Company. As a result, Hankook Tire now holds a 54.77% stake (371.76 million shares) in Hanon Systems, becoming its largest shareholder. This comes just three months after Hankook Tire's holding company, Hankook & Company, signed a stock purchase agreement (SPA) with Hahn & Company in October 2023.

Following the change in its largest shareholder, Hanon Systems held an extraordinary general meeting to discuss amendments to its articles of incorporation and the appointment of new directors. As a result, the company abolished its executive officer system and adopted a CEO system. Lee Su-il, who had been leading the integration of Hanon Systems, was appointed CEO.

Lee, born in 1962, has a background in marketing and management, having served as the head of various regional divisions at Hankook Tire, including the Americas and China. Since 2018, he has served as the Vice Chairman and CEO of Hankook Tire.

In addition to Lee, Park Jeong-ho, Executive Vice President in charge of marketing and management innovation at Hankook Tire, was appointed as another internal director at Hanon Systems. Park has held key roles in marketing for the Americas, as well as in global purchasing and the APAC and Central Asia regions at Hankook Tire.

Furthermore, Park Jong-ho, who has served as a senior official at the National Tax Service and an executive at LG Electronics, was appointed as a non-executive director of Hanon Systems.

With the acquisition of Hanon Systems, the world's second-largest automotive thermal management solutions company, Hankook & Company has expanded its mobility portfolio to include tire, battery, and thermal management systems. This move has also boosted the company’s global assets to 26 trillion KRW, positioning it among Korea’s top 30 business groups.

 

 

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