At the South Korean textile and sporting goods group Misto Holdings Corp. ends an era. On Thursday, the company announced that founder and chairman Gene Yoon has stepped away from operations and taken on the role of honorary chairman. Yoon will therefore continue to advise the group on strategy issues.
According to the group, which includes brands such as Fila, Titleist, FootJoy, Scotty Cameron, Vokey Design and Kjus, the now announced move is part of a planned succession strategy aimed at strengthening corporate leadership and promoting long-term growth. As part of this arrangement, CEO and President Keun-Chang (Kevin) Yoon took over operational management. His appointment strengthens continuity in management and preserves the strategic vision that the founder had established over three decades, it said in a statement.
Gene Yoon founded the company in the early 1990s and established the Italian brand Fila on the South Korean market. Under his leadership, the company completed several transactions, including the purchase of the global Fila brand rights in 2007.
In 2011, the group acquired golf specialist Acushnet Company with the Titleist and FootJoy brands. In order to reflect the diverse portfolio, the group was renamed from Fila Holdings to Misto Holdings in April last year. Most recently, it generated annual sales of around 3.08 billion US dollars (2.61 billion euros).
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