From Tire Review
Forbes magazine has declared that Cho Yang-Rai, chairman of Hankook Tire Worldwide, has joined the ranks of the world’s billionaires.
According to Forbes, which compiles multiple global and by-country lists of millionaires and billionaires, said that Cho, 75, "owns 15.99 percent of Hankook Tire, which trades on the South 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."
In April, Forbes released its list of the 50 richest people in South Korea, in which Cho placed 25th with a listed net worth then of $905 million. Cho’s youngest son, Cho Hyun-Bum, 41, also made the South Korea list. The younger Cho heads up Hankook’s global marketing, and his net worth was placed at $410 million. Older brother, Cho Hyun-Sik, is president of holding company Hankook Tire Worldwide, but did not make the Forbes list.
The elder Cho inherited the company from his father Cho Hong-Je, who founded Hyosung Group in 1941. Cho Yang-Rai returned to Hankook last September as chairman of the holding company Hankook established Hankook Tire Worldwide.