Most group chairmen to travel for biz, not vacation, this summer

Many Korean CEOs have decided to go on business trips instead of vacation this summer. This year’s continuing and unpredictable doldrums in the global economy have driven executives to put priority on stability and risk management.

With the London Summer Olympics to hold its opening ceremony July 28, more than a few CEOs under the circumstances will likely decide to dedicate their vacations to sports diplomacy and global marketing in the British capital.

Samsung Group Chairman Lee Kun-hee is known to be planning to leave for London at month`s end to attend at the General Assembly of the International Olympics Committee and the opening ceremony, with no plan to take a vacation. He is expected to return to Korea early next month after watching events in which Korean athletes will compete.

SK Group Chairman Chey Tae-won, who normally takes two weeks of vacation from late July to early August, hasn`t made his vacation plans yet. He is, however, planning to go to London to support the Korean handball team and serve his capacity as head of the Korean Handball Federation, sources said.

Hanjin Group Chairman Cho Yang-ho, who is vice chairman of the Korea Sports Council and chairman of the Korean Table Tennis Association, will also plan to return to work as usual after a short visit to London for business during the Olympics.

POSCO Chairman Chung Joon-yang apparently has no vacation plans due to a tight schedule of overseas business trips. Having visited India, China, Australia, Mexico and Brazil from May to June, he is scheduled to attend the meeting of the executive committee of the World Steel Association in Turkey from July 10.

Many CEOs who have no plans for overseas business trips take a break or do things at home or office during their vacations.

For example, Hyundai-Kia Automotive Group Chairman Chung Mong-koo is likely to take two or three days off at home and work on a management plan over the official vacation period of his conglomerate between late this month and early next month.

LG Group Chairman Koo Bon-moo is known to have not finalized a vacation plan yet. As usual, he is likely to spend his time off at home from late this month through early next month.

Kumho Asiana Group Chairman Park Sam-koo is expected to spend his vacation at home working on getting business back on track. He recently held sales of new shares of Kumho Industrial and Kumho Tires for the purpose of recovering control of the conglomerate.

nex@donga.com