Hyunjoon Cho, Chairman of Hyosung, Receives 'Korea Manager Award' from Korea Management Association

"World's No.1 Product Super-Gap... Securing Future New Material Technology"

Chairman Cho Hyun-joon of Hyosung Group. (Photo by Hyosung)

[Asia Economy Reporter Moon Chaeseok] Hyosung announced that Chairman Cho Hyun-joon will receive the 2022 'Korea Manager of the Year Award' from the Korea Management Association on the 29th. Now in its 52nd year, the Korea Manager of the Year Award by the Korea Management Association is the most prestigious domestic award given to managers who have led the development of the national economy that year.

Chairman Cho significantly expanded the global production network of key products such as spandex and tire cords, which hold the world's number one market share, greatly widening the competitive gap with rivals.

Especially during the COVID-19 crisis, he secured a stable supply chain through proactive new and expanded facilities in key global regions such as China, India, and Brazil, and focused on selling high value-added differentiated products, achieving remarkable results.

Since the beginning of his tenure, Chairman Cho has emphasized a technology DNA and invested in long-term fundamental technology development, contributing to the domestic company’s first independent development of future new materials such as carbon fiber and high-strength aramid fiber, known as the 'dream new materials.'

After assuming the group chairman position last year, Chairman Cho tripled operating profit within five years. Last year, the group, including the holding company and four major business subsidiaries, recorded sales and operating profits of KRW 21.2804 trillion and KRW 2.7702 trillion, respectively. These achievements are attributed to Chairman Cho’s 'VOC' (Voice of Customer) management philosophy, which prioritizes customer satisfaction.

Chairman Cho has boldly invested in carbon fiber, a core material that will open the future eco-friendly era such as hydrogen economy activation and carbon neutrality, setting a goal to become the world’s third-largest supplier by 2028. Through a joint venture with a global chemical company, the group plans to build the world’s largest liquefied hydrogen plant with an annual capacity of 13,000 tons and a liquefied hydrogen charging station by next year. Through these management activities, he is leading innovation in the future energy business.

Chairman Cho is also proactive in strengthening ESG (Environmental, Social, and Governance) management. Since transitioning to a holding company system in 2018, he has improved governance. The chairperson of the board is appointed as an outside director, and the first female board chairperson was appointed, expanding transparent management and gender equality management. The group leads the eco-friendly market with Rejen, an eco-friendly recycled fiber, and engages in various corporate social responsibility (CSR) activities.