Sept. 2, 2026

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For Tam Suh-won, the 36-year-old heir of major Korean confectionery company Orion, one thing has been crystal clear among various snack industry stakeholders: He has a noticeably large, muscular body, and he must be lifting some serious weights. On top of his big physique, Tam’s presence at Orion has been jacked up as he was promoted to executive vice president at the end of last year.

The third-generation scion’s ascent to upper-level management comes at a time when Orion is tightening its grip on global expansion. Orion posted record earnings last year, turning in 3.3 trillion won ($2.2 billion) in sales and 558.2 billion won in operating profit, up 7.3 percent and 2.7 percent from 2024, despite rising raw material costs and unfavorable exchange rates.

Tam joined Orion in 2021. After spending his first year in the company’s business management department, he was swiftly promoted to senior vice president in 2023. Two years later, Tam took on the role of leading the company’s strategic management division, becoming executive president in the process.

Orion conducted an organizational reshuffle to place the new business team, overseas business team, management support team and corporate social responsibility team under the Tam-led strategic management division that serves as the firm’s global headquarters, putting him in charge of future businesses while indicating the firm’s succession path for the next leader. Previously, the new and overseas business teams were under the CEO, while the CSR team was a part of the audit commission.

“It’s not unusual for third-generation scions to be moving up the ranks so quickly in the food and retail industry,” said an official working in the food industry.

“If you look at other companies like Nongshim and (Samyang Roundsquare), their third-generation heirs have risen to leadership positions within several years of joining the company … It’s up to the young scions to prove that they are capable of expanding businesses with good numbers.”

Before joining Orion, Tam worked as a member of the financial team for about a year at Kakao Enterprise, an artificial intelligence-based platform and solutions spinoff from Korea’s IT conglomerate Kakao. He earned a dual-degree MBA from Seoul National University and Peking University as well as a bachelor’s degree in communications from New York University.

Unlike most executives at a sizeable company like Orion, Tam removed the doors to his office to turn it into an open space, seeking more communication with colleagues. Given his relatively short career at Orion, the young leader appears to get closer to other employees as he expands his presence within the company while searching for the next growth engine.

Orion’s operating margin stands at about 17 percent, much higher than the industry average of less than 5 percent, thanks to its overseas-heavy sales structure. Of the company’s total sales last year, about 64 percent came from overseas revenue.

A positive for Orion is that its foreign markets have been diversifying. China used to account for about half of its total sales in 2020, but the figure has fallen to 39 percent as of last year’s earnings, with growth in Russia, Vietnam and India.

As Korea’s domestic market will likely continue to shrink while the population ages, Tam faces a mid- to long-term task of further bolstering Orion’s market share not only in the aforementioned countries, but also other regions such as Africa, Europe and North America.

“(Tam) is going to have to figure out what could be Orion’s next megahit snack,” said a snack industry official. “Like how Oh! Gamja is selling well in China, Orion will need to develop another steady seller in a new market in the long run.”

Choco Pie — Orion’s flagship cake-like snack coated with chocolate and filled with marshmallow — has sold over 50 billion units worldwide since its launch in 1974. Tam’s quest to search for the next Choco Pie continues as the future leader at the confectionery maker, and his maneuver at LigaChem Biosciences will be a barometer of his leadership qualifications.

Orion acquired a 25.73 percent stake in LigaChem Biosciences for 550 billion won in March 2024, becoming its largest shareholder and marking the biggest single investment in its history. LigaChem Biosciences focuses on discovering and developing next-generation antibody-drug conjugates, or ADCs, immuno-oncology drugs and targeted small molecules.

Since the acquisition, Tam has served as an internal director at LigaChem Biosciences. According to Orion, he is actively taking part in the decision-making process at the biotechnology company by visiting LigaChem Biosciences' headquarters in Daejeon every week. Since the takeover by the snack maker, the stock price of LigaChem Biosciences has nearly tripled over the past two years.

Last year, Orion and Orion Holdings decided to increase its dividends by 40 percent from 2024, resulting in a total of 204.6 billion won in shareholder payouts. As the dividends have been growing in recent years, market watchers say the increased shareholder returns could signal preparation for the third-generation heir’s succession.

Tam currently holds a 1.22 percent stake in Orion Holdings and a 1.23 percent stake in Orion. Orion Holdings owns a 37.37 percent stake in Orion. Orion Chair Tam Chul-kon, Tam Suh-won’s father, and his mother Lee Hwa-kyung hold a 29.92 percent stake and a 33.98 percent stake in Orion Holdings, respectively. Chair Dam and Lee each hold a 0.45 percent stake and a 4.08 percent stake in Orion.

Tam’s older sister, Tam Kyung-sun, 41, is the director of the Orion Foundation, which focuses on social contributions by supporting children, teenagers, schools and the underprivileged in academia, with no signs of management-related activities at Orion.

Tam and his three other family members were estimated to have received 51 billion won from 2025’s dividend, about 25 percent of the total payout.

Orion said in its corporate value-up plan in June that it would increase its payout ratio, consider gradually increasing the dividend through 2029, and review a plan to introduce an interim dividend payout later on.

By Kan Hyeong-woo (hwkan@heraldcorp.com)