HanaTour has nominated Cho Jwa-jin, former CEO of Lotte Card, as its next chief executive and is moving to introduce an executive officer system under Korea’s Commercial Act. The move is not simply a change at the top. It is an effort to redesign the company’s power structure so that the board oversees the business while executive officers handle day-to-day management.
As of July 25, 2026, however, Cho’s appointment and the adoption of the executive officer system remain pending. HanaTour plans to put the proposed amendments to its articles of incorporation before an extraordinary shareholders’ meeting on August 18, followed by the necessary board procedures.
HanaTour Nominates Cho Jwa-jin as Its Next CEO
According to an announcement from HanaTour and a report by Yonhap News Agency, Cho is a professional manager with roughly 35 years of experience in strategy, marketing and corporate management. He graduated from Seoul National University with a degree in economics, worked at A.T. Kearney and Monitor Group, and later became the first head of Oliver Wyman’s Seoul office.
He went on to serve as head of strategic finance and head of marketing at Hyundai Card, Hyundai Capital and Hyundai Commercial. He was also CEO of Hyundai Capital America and later led Lotte Card. Applying his experience in data utilization, brand strategy and international business from the financial and consulting sectors to the travel industry is expected to be a central task of his appointment.
HanaTour said Cho is well positioned to respond to the travel market’s rapid post-pandemic restructuring and pursue its future growth strategy, dubbed HanaTour Chapter 2.
Articles of Incorporation to Be Amended at Aug. 18 Shareholders’ Meeting
According to the notice for HanaTour’s shareholders’ meeting, the 34th extraordinary shareholders’ meeting will take place at 9 a.m. on August 18, 2026, at the company’s headquarters in Jongno-gu, Seoul. The main agenda items are partial amendments to the articles of incorporation to introduce the executive officer system and revisions to the rules governing executive retirement benefits.
For that reason, it would be more accurate to say that HanaTour is pursuing the introduction of the system rather than that it is already in force. If shareholders approve the amendments, HanaTour is expected to use subsequent board resolutions to finalize the appointment of executive officers and a representative executive officer, as well as the allocation of their powers.
HanaTour’s official board profile lists Song Mi-sun as the incumbent CEO as of July 25, 2026. Until the extraordinary shareholders’ meeting and subsequent procedures are completed, Cho remains a CEO nominee rather than the company’s officially installed chief executive.
What Is an Executive Officer System?
Under the current Commercial Act listed by Korea’s National Law Information Center, a company that establishes an executive officer system may not have a representative director. The board appoints and dismisses executive officers and the representative executive officer, oversees the execution of business, and executive officers manage the company and make management decisions delegated to them.
If there is more than one executive officer, the board must appoint a representative executive officer. Executive officers must report on the status of business execution to the board at least once every three months. They may also be liable for damages if they cause losses by violating laws or the articles of incorporation, or by neglecting their duties.
How It Differs from the Traditional CEO Structure
- Board of directors: Oversees long-term strategy, major decisions, and the appointment and supervision of executive officers.
- Executive officers: Handle day-to-day operations and carry out duties delegated by the board.
- Representative executive officer: Represents the company externally.
- Accountability: Clearly assigns executive authority—and the legal responsibility that comes with it—to executive officers.
The executive officer system does not automatically improve business performance. Its practical impact will depend on how clearly the company defines the division of authority between the board and executive officers, its information-sharing processes and its performance evaluation standards.
Three Growth Pillars of HanaTour Chapter 2
Alongside the management and governance changes, HanaTour has identified premium travel, inbound tourism and artificial intelligence-powered digital transformation as the three pillars of its medium- and long-term growth strategy.
Expanding the Premium Travel Market
The company plans to move beyond price-driven package sales and expand high-value products built around differentiated itineraries and services. Cho’s experience in branding and marketing could be used to differentiate products and segment customers more effectively.
Building an Inbound Business for International Visitors
Inbound tourism refers to attracting international visitors to South Korea. HanaTour can leverage its expertise in travel product planning and local operations, but its results will likely depend on securing distribution networks in individual markets, multilingual services and regional content.
AI-Powered Digital Transformation
HanaTour has identified AI-powered digital transformation as a key growth pillar. AI could eventually be applied to travel recommendations, itinerary planning, customer consultations and product operations, although the company’s specific services and investment scale will require further announcements.
During his tenure at Lotte Card, Cho pursued data-driven digital strategies. However, whether his platform experience in financial services will translate directly into results in the travel industry remains to be tested, particularly in areas including customer data protection, system integration and the ability of frontline teams to execute.
Changes Shareholders and Customers Should Watch
For shareholders, the key question is whether the board’s oversight role and management’s areas of responsibility will become genuinely clearer. The impact of the new system cannot be assessed without detailed disclosure of each executive officer’s responsibilities and performance metrics, the compensation structure and the information reported to the board.
Employees and business partners may benefit from fewer layers of decision-making, but the initial transition could also create confusion as reporting lines and authority are adjusted. Maintaining business continuity while moving from the traditional representative-director structure to an executive officer system will be crucial.
Improvements in customer service remain an expectation rather than an established result. Only after the accuracy of AI recommendations, the quality of premium products and services for international travelers are reflected in actual performance indicators can the governance overhaul be judged to have delivered meaningful benefits to consumers.
Key Dates and Issues to Watch
- August 18, 2026: The extraordinary shareholders’ meeting will consider the proposed amendments related to the executive officer system.
- Follow-up board meeting: Following shareholder approval, the board may decide on the appointment of executive officers and a representative executive officer, as well as the division of responsibilities.
- Management transition: The handover from incumbent CEO Song Mi-sun to the new management team should be monitored to ensure it proceeds smoothly.
- Performance metrics: The extent to which the company discloses specific targets—including the share of premium products, inbound business performance and digital transformation results—will be critical.
- Control systems: As the use of AI and customer data expands, board oversight of privacy protection and information security will become increasingly important.
What HanaTour’s Governance Overhaul Means
HanaTour’s nomination of Cho Jwa-jin as CEO and its push to introduce an executive officer system can be seen as a management transition aimed at securing new growth engines after the recovery in travel demand. Because it would institutionally separate board oversight from business execution, the move has significance beyond a simple change of CEO.
Whether the system is adopted, however, will depend on the outcome of the extraordinary shareholders’ meeting on August 18. Its success will hinge less on Cho’s résumé than on whether the division of authority and accountable management take root in the company’s actual operations. The specific investment plans and quantitative targets for HanaTour Chapter 2 will also require close attention.
Frequently Asked Questions (FAQ)
When will Cho Jwa-jin officially take office as HanaTour’s CEO?
HanaTour has scheduled an extraordinary shareholders’ meeting for August 18, 2026. Approval of the amendments to the articles of incorporation and the necessary board procedures are still pending, so Cho is currently a nominee rather than the official CEO.
Has HanaTour already implemented the executive officer system?
No. As of July 25, 2026, the company is still pursuing its introduction. The related amendments to the articles of incorporation must pass at the extraordinary shareholders’ meeting on August 18 before the next steps can proceed.
Will the CEO position disappear if HanaTour adopts the executive officer system?
Under the Commercial Act, a company that establishes an executive officer system may not have a representative director. Instead, a representative executive officer appointed by the board represents the company, while executive officers handle day-to-day management.
Who is HanaTour’s current CEO?
According to HanaTour’s official board profile, Song Mi-sun is the company’s CEO as of July 25, 2026. The official launch date for the new management team is expected to be determined through the extraordinary shareholders’ meeting and subsequent procedures.
What are the core businesses in HanaTour Chapter 2?
HanaTour has identified three core growth areas: expanding the premium travel market, developing an inbound tourism business for international visitors, and pursuing AI-powered digital transformation.
Will the introduction of the executive officer system immediately affect customers?
A change in governance alone will not immediately improve services. Its impact will need to be assessed through actual results, including travel product quality, AI recommendation and consultation services, and customer satisfaction.
