[Asia Economy Reporter Yujin Cho] The Korea Federation of Textile Industries announced on the 14th that it held an extraordinary general meeting and elected Lee Sang-woon, Vice Chairman of Hyosung, as the 15th chairman. The new chairman's term will be from the 19th of next month until August 18, 2023.
New Chairman Lee Sang-woon joined Hyosung Trading Corporation in 1976, served as CEO and Group Chief Operating Officer (COO) of Hyosung in 2002, became Vice Chairman and CEO in 2007, and has been serving as Vice Chairman of Hyosung since 2017.
During the Asian financial crisis, he demonstrated outstanding crisis management skills while integrating key business sites, and significantly contributed to growing Hyosung into Korea's top textile company through mergers and acquisitions aimed at strengthening the global competitiveness of core businesses and discovering future new businesses.
Recently, he has played a role in advancing the country as a materials powerhouse by making an investment decision worth 1 trillion won in carbon fiber.
Chairman Lee said, "I feel a heavy responsibility as I undertake this important mission during difficult times," adding, "The Korea Federation of Textile Industries will actively respond to the changing environment due to the novel coronavirus disease (COVID-19), strive to enhance the global competitiveness of the textile and fashion industry, and work to discover future growth engines."
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