"'Independent Management' Hyosung's Cho Hyun-joon and Cho Hyun-sang Reappointed as Inside Directors"

Hyosung. Photo by Jinhyung Kang aymsdream@

Hyosung Group is transitioning to a 'brotherly independent management system' this June, with Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang reappointed as inside directors of key affiliates.

At the Hyosung TNC shareholders' meeting held on the 14th at the Hyosung Building in Mapo-gu, Seoul, Chairman Cho Hyun-joon was reappointed as an inside director. Chairman Cho leads the businesses of key subsidiaries including Hyosung TNC, Hyosung Heavy Industries, Hyosung Chemical, and Hyosung TNS.

At the Hyosung Advanced Materials shareholders' meeting, the agenda to reappoint Vice Chairman Cho Hyun-sang as an inside director was also approved. Through this, Vice Chairman Cho is expected to accelerate the establishment of a new holding company centered on the advanced materials division.

Earlier, on the 23rd of last month, Hyosung Corporation held a board meeting and resolved a plan to spin off the investment division of six companies including Hyosung Advanced Materials, Hyosung Information Systems (HIS), and Hyosung Toyota, to establish a new holding company tentatively named 'Hyosung New Holding Corporation.'

Meanwhile, Hyosung Heavy Industries also held its regular shareholders' meeting on the same day and newly appointed Woo Tae-hee as an inside director (full-time vice chairman of the Korea Chamber of Commerce and Industry). The newly appointed inside director Woo is expected to officially be appointed as CEO of the heavy industries division of Hyosung Heavy Industries, succeeding Vice President Yokota Takeshi, formerly of Toshiba.

Inside Director Woo, a former administrative official who passed the 27th civil service examination, has served as Director-General for Trade Negotiations and Deputy Minister for Trade at the Ministry of Trade, Industry and Energy. While serving as the Second Vice Minister, he handled energy policies including nuclear power and hydrogen. Since 2020, he has been serving as the full-time vice chairman of the Korea Chamber of Commerce and Industry.