Hankook's chairman Cho Yang-Rai makes Forbes' list
Friday, May 17, 2013
New York, NY - Forbes reports, "Cho Yang-Rai, the chairman of the world’s seventh largest tire company, Hankook Tire of South Korea, has joined the billionaire ranks as shares of the company increased in value. Hankook Tire was founded by Cho’s father, Cho Hong-Je, in 1941. It now exports tires to 180 countries and had revenues of $6.44 billion in fiscal 2012. Cho Yang-Rai, 75, owns 15.99 percent of Hankook Tire, which trades on the Korean stock exchange. His stake in the company, combined with a stake in holding company Hankook Tire Worldwide and accumulated dividends, puts Cho’s net worth at just over $1 billion. His net worth has increased by slightly more than $100 million over the past month; for the 2013 Forbes list of South Korea’s 50 Richest, published in April, Cho was worth $905 million. Cho has a bachelor’s degree from the University of Alabama. His four children also own separate stakes in the company which are not included in Cho’s net worth. His younger son Cho Hyun-Bum, 41, oversees marketing for the tire maker and helped it gain 15 percent market share in North America; Cho Hyun-Bum ranked #49 on Forbes’ recent list of South Korea’s 50 Richest. Cho Yang-Rai’s older son, Cho Hyun-Sik, is president of holding company Hankook Tire Worldwide."
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