Hankook names Suh global CEO

Seoul, South Korea-Hankook Tire Co. Ltd. has named Seung Hwa Suh-now

president and chief operating officer-global CEO for the South Korean

tyre maker.

Mr. Suh was the driving force behind Hankook's $625 million car and

light truck tyre plant in Dunaujvaros, Hungary. The factory-which is

expected to start production later this year-is the first European

production facility for Hankook.

CEO Choong Hwan Cho will be vice chairman after serving as CEO for

nearly 10 years, Hankook said. During his tenure, Hankook rose to be

the eighth largest tyre maker in the world with a profit margin of 8.4

percent in 2006, the firm said. Hankook expects 23 percent higher global sales this year. 

Mr. Suh was named president and COO in January 2006 and served in a

variety of positions previously. In 2003, he led a project to reshape

Hankook's brand and also was a key figure in the company's renewed

distribution channel strategy, which shifted focus from wholesale to

more profitable retail partnerships, the company said.

Mr. Suh joined Hankook in 1996. Mr. Cho joined the firm in 1983 as managing director.