Hyosung Vice Chairman Jo Hyun-sang Promoted... Strengthening 'Owner Family' Responsible Management (Comprehensive)

Promotion to CEO in 4 Years
Proactive Response to Crisis Amid COVID-19 Economic Downturn
Major Contribution to Global No.1 Growth in Industrial and Automotive High-Value Materials
Together with COO Lee Sang-woon
Group Now Operates with Two Vice Chairmen

Vice Chairman Cho Hyun-sang of Hyosung Group (right in the photo) is participating in a briquette carrying volunteer activity with new employees.

[Asia Economy Reporters Choi Dae-yeol and Hwang Yoon-joo] Cho Hyun-sang, the younger brother of Cho Hyun-joon, Chairman of Hyosung Group, has been promoted to Vice Chairman. This personnel move is interpreted as an effort by the owner family to strengthen responsible management by taking proactive measures amid the prolonged COVID-19 pandemic and the resulting difficult business environment. The newly appointed Vice Chairman Cho was promoted to General Manager in 2017 and has now risen to Vice Chairman after four years.

Hyosung Group announced this executive personnel change on the 4th. Vice Chairman Cho worked as a consultant at Bain & Company’s Japan branch before participating in restructuring efforts during the International Monetary Fund (IMF) foreign exchange crisis at Hyosung. He has worked for over 20 years in management and operational roles such as Head of Strategy Headquarters and Head of Industrial Materials PG.

This promotion is largely aimed at actively responding to the deteriorating business environment. With the COVID-19 pandemic continuing this year following last year, and ongoing uncertainties in the global market such as US-China trade conflicts, Hyosung Group, which has a high export ratio, judged that leadership from the owner family is necessary. The holding company Hyosung saw its sales and operating profit decrease by about 10% and 30% respectively last year, and major affiliates such as Hyosung Chemical and Hyosung Advanced Materials also experienced declines in performance.

Vice Chairman Cho Hyun-sang of Hyosung Group, promoted to vice chairman in the personnel reshuffle on the 4th

With Vice Chairman Cho’s promotion, there are now two vice chairmen in Hyosung Group, including Vice Chairman Lee Sang-woon, who serves as Chief Operating Officer (COO). Vice Chairman Lee was promoted in 2007. Among Hyosung’s registered executives, there are only three: Chairman Cho, General Manager Kim Kyu-young who heads Hyosung Technology Institute, and Vice Chairman Cho. Vice Chairman Cho is credited with helping his father, Honorary Chairman Cho Seok-rae, and his brother Chairman Cho to grow Hyosung into a global company. He also elevated the industrial and automotive high value-added materials division to the world’s number one. Recognizing these management achievements, he was selected as a Young Global Leader (YGL) by the World Economic Forum (WEF) in 2007 and as a next-generation leader by government agencies of Korea, China, and Japan.

According to the company, Vice Chairman Cho has served as the head of the ‘Hyosung Sharing Volunteer Group’ since 2015. The company stated that he values the principle of creating a society where neighbors in need can become self-reliant and participate together. Every year, he personally visits ‘Yeongnak Ania’s House,’ a facility for people with developmental disabilities, to conduct volunteer activities as the first event with new employees.

Meanwhile, Hyosung also conducted personnel changes for executive positions at the headquarters level. Vice President Hwang Yoon-eon was appointed as the new Head of Strategy Headquarters, while Vice President Lee Chang-hwang, who previously held that position, moved to become the Co-President of Hyosung Advanced Materials’ Gahong Fiber and Qingdao branches. Executive Director Kim Tae-hyung, who was the head of Hyosung TNC’s Dubai branch, was appointed as Head of Hyosong Good Springs PU, and General Manager Hong Jong-jin of Hyosung TNC’s Gahong sales corporation moved to become Head of Hyosung TNC Chemical PU. Through this personnel reshuffle, Hyosung plans to continue strengthening existing businesses while also pursuing new growth engines such as the hydrogen economy, eco-friendly materials, and big data.