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 USD6.44 billion in fiscal 2012.
Cho Yang-Rai, 75, owns 15.99% 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 USD1 billion. His net worth has increased by slightly more than USD100 million over the past month; for the 2013 Forbes list of South Korea’s 50 richest, published in April, Cho was worth USD905 million.
Hankook Tire Rises
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