CEOs without college diplomas in spotlight
Not many business people without a college diploma reach the highest positions due to discrimination prevalent in Korean society. But some of them beat the odds and come to lead companies regardless of their academic backgrounds.
LG Electronics CEO Jo Seong-jin surprised many people here when he was named a vice chairman, the highest executive position at Korea’s second-largest electronics maker, Dec. 1 last year.
Jo received no more than a high school education. He joined LG in 1976 and has spent most of his career in leading the company’s washing machine business.
“The company has chosen Jo for the executive appointment based on his performance,” an LG Electronics official said.
Jo came as a “reliever” to the company, which had been sustaining losses. LG promoted Jo to sole CEO of the electronics firm at the belief that he would transplant the success in the home appliances sector to the company’s other businesses — mobile devices, television and vehicle components.
On March 17, LG Electronics has further strengthened Jo’s decision-making rights by downsizing the board of directors.
“We will continue the success of our LG home appliances, which became the world’s best electronics brand, by applying an innovative mind to the mobile business,” Jo said.
Market expectations are that LG Electronics will post more than 2 trillion won in operating profit this year under Jo’s business management.
Ham Young-joo, who is serving his second term as the CEO of KEB Hana Bank, also started his career without a college diploma.
Born in 1956, Ham graduated from Ganggyeong Commercial High School in Nonsan, South Chungcheong Province, in 1973. He did not continue studying at college and entered Seoul Bank in 1980. He belatedly obtained a bachelor’s degree in accounting through evening classes offered by Dankook University while working at Seoul Bank.
After Seoul Bank was acquired by Hana Bank in 2002, Ham led multiple branches of the bank to success. In recognition of this performance, he was named as the first CEO of KEB Hana Bank on Aug. 24, 2015.
Later on March 17 this year, Hana Financial Group, the parent company of the bank, approved Ham to serve two more years as CEO.
Former Oriental Brewery (OB) CEO and Vice Chairman Chang In-soo is another example of success without a high academic back- ground.
Chang entered Jinro in 1980 and has worked in the sales sector for 33 years. He was appointed as the head of beer sales at OB in January 2010. Under his leadership, OB won the top perch in the domestic beer market in 2012, beating Hite.
In December 2015, he stepped down from the vice presidency.
Netmarble Games founder and board Chairman Bang Jun-hyuk could not even finish his high school education due to financial difficulties. Regardless, he successfully revived the company after returning to business in 2012 by concentrating on the mobile devices sector. Since then, he has led the company as the nation’s top mobile game business.
Even more famous cases are found overseas.
Microsoft founder Bill Gates dropped out, and Facebook founder Mark Zuckerberg left Harvard University to start their own businesses. The late Steve Jobs also quit college to found Apple.