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AmorePacific chairman’s daughter comes on boardBy Sohn Ji-young
Published : Dec. 30, 2016 - 11:34
In doing so, observers say the junior Suh has taken the first visible step in preparing to take over the family business as her father’s successor.
The 25-year-old AmorePacific heiress apparent will begin working as a starting-level employee at AmorePacific’s production plant in Osong, North Chungcheong Province, the company said.
The junior Suh’s appointment reflects a long-running tradition in the AmorePacific founding family to start learning about the firm’s cosmetics business from the bottom-up, explained an AmorePacific spokesperson.
“The founding family has always believed that understanding product management and production comes first before other management tasks,” the company spokesperson said.
"Chairman Suh Kyung-bae also began his career at AmorePacific by working at the firm’s Yongin plant. The group’s founder Suh Sung-hwan had also done the same," she added.
Having attained a bachelor’s degree in economics from Cornell University, Suh Min-jung briefly worked at the Seoul office of global consulting firm Bain & Co. Many had expected she would soon join AmorePacific.
Adding to the succession picture, the junior Suh recently became the second-largest individual shareholder of AmorePacific Group, as the 2,412,710 preferred shares she had inherited from her father in 2006 were converted to common stocks after a 10-year holding period.
She now owns 2.71 percent of the group’s outstanding stocks that carry voting rights, worth around 330 billion won ($275 million), based on Thursday’s share price.
This makes the 25-year-old Suh the second-largest individual shareholder of AmorePacific Group after her father who has a 51.29 percent ownership.
In 2012, the chairman also handed over stakes in the group’s major brands to his eldest daughter. She holds an 18.18 percent stake in Innisfree as well as a 19.53 percent stake in Etude.
By Sohn Ji-young (firstname.lastname@example.org)
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