Samyang Group, South Korea’s family-owned food and chemical conglomerate, has shifted bigger management control over to third-generation heirs by seating them on the board of major affiliates.

Samyang Corp. in a shareholder meeting on Wednesday appointed Kim Won and Kim Ryang, both vice chairman of Samyang Holdings Corp., as new members on its board.

Kim Won, the eldest son of Samsung Group Chairman Kim Sang-ha, joined the conglomerate in 1988 and served as the chief executive of Samyang Corp. and vice-chairman of Samyang Holdings.

Kim Ryang is the younger son of the late honorary chairman Kim Sang-hong, who is the older brother of Chairman Kim Sang-ha. He served as chief executive of Kyoungbang Phill Department Store, Samyang Genex, Samyang Corp. and vice-chairman of Samyang Holdings.

The announcement follows last week’s promotion of Kim Jung, president of Samyang Holdings and younger brother of Kim Won, to vice-chairman of Samyang Packaging Corp., where he was also appointed board chair.

The reshuffle appears to be a move to help prop up the group’s flagging sales. Samyang Corp.’s operating profit last year fell 37.7 percent on year to 91.8 billion won ($86.1 million), with net profit tumbling 51.2 percent to 49.3 billion won. This is the first time for the company to see its earnings retreat since it was relisted in 2011 following the group’s shift to a holding company structure.

Samyang Group was founded by Kim Yeon-su in 1924. It is famous for launching Korea’s first ramen in 1963. When the elder son Kim Sang-hong died in 2010, the younger Kim Sang-ha took over the conglomerate. Sons of the founder’s two sons have been actively involved in management of group companies.

By Hwang Soon-min and Kim Hyo-jin

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