Korea-listed corporation SONOKONG has selected Dr. Han Young-chul from the Massachusetts Institute of Technology (MIT) as a new director nominee. SONOKONG plans to enhance its corporate value through the synergy of reviving traditional toy manufacturing and its new mobility platform business.
On the 2nd, SONOKONG announced that it would hold an extraordinary shareholders' meeting on the 16th to appoint four inside directors: Han Young-chul, Kim Deuk-myung, Cha Hyeon-il, and Woo Gi-yoon, as well as outside directors Lee Won-jun and Noh Tae-hoon. This board restructuring reflects the largest shareholder's commitment to securing new growth engines and strengthening the competitiveness of existing businesses.
The newly appointed candidate Han graduated from the Department of Metallurgical Engineering at Seoul National University and received his doctorate from MIT. He began his management career at the Daewoo Group and oversaw domestic and export sales at Daewoo Automotive. Rising to the youngest executive in the group in his 30s, he has since built a diverse career including roles as the CEO of Volvo Trucks Korea, founder of Prime Motor, and CEO of Auto Plus, spanning from vehicle manufacturing to distribution and used car platforms.
Currently, Han serves as the chairman of the board at HK, the largest shareholder of SONOKONG, and is expected to take direct action on the overall management and business restructuring of SONOKONG through this appointment.
Meanwhile, SONOKONG secured 90% of the equity in the automotive distribution company Classe Auto in May and has completed an investment attraction of 33 billion won within a month. The company explained that it has solidified its financial foundation for promoting new business.
In the future, SONOKONG plans to pursue stable supply of Nintendo Switch 2, expansion of its sales network, strengthening of character intellectual property (IP) business, in addition to recovering competitiveness in existing toy and content business sectors along with new used car and mobility ventures.