[비즈한국] Tissue manufacturer KeClean004540 appointed CEO Choi Hyun-soo (47) as Chairperson last November. Former Chairperson Choi Byung-min (74), the father of Choi Hyun-soo, was named Honorary Chairperson. With this, KeClean began 2026 under the leadership of Chairwoman Choi Hyun-soo. Chairwoman Choi is currently the 3rd largest shareholder of KeClean. The largest shareholder is Heesung Electronics, and the 2nd largest is Choi's younger brother, Choi Jung-gyu (35), an executive director at KeClean. Without the support of these parties, it is difficult for Chairwoman Choi to exercise stable management control.
Chairwoman Choi Hyun-soo stated, "KeClean will leap forward as a company that leads a sustainable future industry centered on artificial intelligence (AI), data, and a circular economy, based on technology, trust, and the power of people," adding, "As Chairperson, I will redesign the company's direction and competitiveness from a long-term, strategic perspective, based on the values of responsible management, trust, customers, and sustainability."
However, there are predictions that the Choi Hyun-soo regime may struggle to be long-lasting. Honorary Chairperson Choi Byung-min has one son and two daughters: his eldest daughter Chairwoman Choi Hyun-soo, second daughter Choi Yoon-soo, and eldest son Executive Director Choi Jung-gyu. Currently, KeClean's common stock shareholders consist of: Heesung Electronics (20.42%), Executive Director Choi Jung-gyu (16.12%), Chairwoman Choi Hyun-soo (7.70%), Choi Yoon-soo (7.70%), Koo Mi-jung (wife of Honorary Chairperson Choi Byung-min, 4.96%), and Honorary Chairperson Choi Byung-min (3.46%). Because Chairwoman Choi is only the 3rd largest shareholder, it is difficult for her to exercise full management control without the support of Heesung Electronics or her family.
In the business world, there is a sentiment that the possibility of her younger brother, Executive Director Choi Jung-gyu, taking over management in the future cannot be ruled out. While Chairwoman Choi is currently ahead in terms of experience and age, some believe that Executive Director Choi Jung-gyu could grow into the role and aim for management control in the long term. Chairwoman Choi was born in 1979, and Executive Director Choi Jung-gyu was born in 1991, a 12-year difference. Their second sister, Choi Yoon-soo (44), was born in 1982. This speculation persists primarily because the younger brother, Executive Director Choi Jung-gyu, holds a higher stake than his elder sister.
KeClean is part of the pan-LG family. Honorary Chairperson Choi Byung-min's wife, Koo Mi-jung (71), is the younger sister of the late LG Group Chairman Koo Bon-moo. The LG family traditionally follows a male-line succession, and even looking broadly at the pan-LG family, the only case of an owner-family woman serving as the company's CEO is Koo Ji-eun, former Vice Chairperson of Ourhome (59). Other pan-LG companies, such as LS Group, LIG Group, LX Group, Heesung Group, and LF Group, have yet to have an owner-family woman take the helm.
However, there are also strong views that KeClean might not necessarily follow the traditions of the pan-LG family. A business insider analyzed, "The KeClean owner family is not part of the Koo family, and Chairwoman Choi has worked at KeClean for a long time, so it is clearly different from other pan-LG companies where women of the owner family do not work at the company at all," while adding, "Because of the difference in shareholdings, if Chairwoman Choi continues to show poor performance, control could eventually shift."
To secure management rights stably, Chairwoman Choi needs the support of her family. The issue is whether Executive Director Choi Jung-gyu will continue to support her. If the two ever compete for control, the intentions of the rest of the family will become crucial. A KeClean representative stated, "We have nothing to say," regarding the future direction of management rights.
Another variable is Heesung Electronics. Heesung Electronics is the largest shareholder, holding a 20.42% stake in KeClean. If a competitive structure between Chairwoman Choi and Executive Director Choi Jung-gyu becomes a reality, Heesung Electronics is effectively in a position to decide the next management based on its shareholding.
The largest shareholder of Heesung Electronics is Heesung Group Chairman Koo Bon-neung, who holds a 42.07% stake. Chairman Koo is said to have not been significantly involved in KeClean's management until now. However, this may change in the next generation. Chairman Koo has one son and one daughter: LG Group Chairman Koo Kwang-mo and his eldest daughter, Koo Yeon-seo. Since Chairman Koo Kwang-mo was adopted by the late Chairman Koo Bon-moo, his relationship with Heesung Electronics can be considered severed. Meanwhile, considering the traditions of the pan-LG family, the possibility of his daughter, Koo Yeon-seo, succeeding to Heesung Electronics is also considered low.
In any case, Chairwoman Choi must prove her capabilities to gain the support of other shareholders. KeClean’s recent performance has been on a downward trend. Sales fell by 4.04% from 401.9 billion won in the first three quarters of 2024 to 385.6 billion won in the first three quarters of 2025. Operating profit also dropped; from an operating profit of 296.97 million won in the first three quarters of 2024, the company recorded an operating loss of 13.3 billion won in the first three quarters of 2025.
KeClean consists of a PS division that handles packaging materials and an HL division that handles household goods. Experts believe that the recent deepening losses in the PS division have negatively affected the overall performance. Park So-young, a senior researcher at Korea Ratings, evaluated, "The HL division, where sanitary pads and wet wipes have high profit contributions, fluctuates quarterly depending on the price of pulp, the raw material, and records an average operating profit margin of around 2%. The PS division’s profit structure has deteriorated significantly due to a decline in domestic demand for white paperboard, increased supply from domestic and international competitors, and rising electricity costs."
There are also concerns about financial instability. Senior Researcher Park stated, "The sources of liquidity that can be used directly over the next year are insufficient to cover short-term funding requirements," and "(KeClean) is responding to short-term funding needs through corporate bond issuance and financial institution borrowing; monitoring of liquidity response is necessary amid sluggish operating performance." The business world is focusing on whether Chairwoman Choi can overcome these concerns and prove her management ability to solidify her position as Chairperson.