Honorary Chairman Kim Nam-ho of DB Group said, "I have never thought of standing up to my father, the founder." It is seen as a move to directly quell speculation about a father-son management control dispute with his father, Founding Chairman Kim Jun-ki.
In a statement on the 9th, Kim said, "Many people were caused concern by stories about my relationship with my father that were misreported or exaggerated recently," adding, "There were times when we had some differences of opinion regarding company management, but I have never thought of standing up to my father, the founder, and that will not happen in the future."
He added, "DB is a company that has grown on the basis of stable management control centered on the founder, and it is building a new tradition in which the major shareholder and professional managers take turns serving as chairman."
Honorary Chairman Kim abruptly stepped down as chairman on June 27 last year and was appointed honorary chairman. Lee Su-gwang, former DB Insurance president and known as a close aide to Founding Chairman Kim Jun-ki, was named the new group chairman. Because of this, the business community raised suspicions that Founding Chairman Kim and Honorary Chairman Kim had waged a dispute over management control.
In the statement that day, Honorary Chairman Kim reiterated, "I believe it is entirely my fault that unnecessary misunderstandings about the company arose, and I am deeply reflecting on it." He added, "As a member of the major shareholder family, I will continue to do my part for the group's development."