Technology-Centered Management... First Private Company to Establish a Technology Research Institute
Spandex and Tire Cord as Core Group Businesses
Cho Seok-rae, Honorary Chairman of Hyosung Group, passed away on the 29th at the age of 89. It has been seven years since he stepped down from the front lines of management in 2017 due to old age and health reasons.
According to the business community, Honorary Chairman Cho passed away from a lingering illness at Seoul National University Hospital on the same day. It is known that his health had recently deteriorated, and he had been receiving inpatient treatment at Seoul National University Hospital.
Honorary Chairman Cho was born in 1935 in Haman, Gyeongnam. He was the eldest son of Cho Hong-je, the founder of Hyosung Group. He majored in applied chemistry at Waseda University in Japan and earned a master's degree in chemical engineering from the Illinois Institute of Technology in the United States. Although he initially dreamed of becoming a university professor, he returned to Korea after receiving a call from his father while preparing for his doctoral studies in 1966 and began his career as a businessman by joining Hyosung Trading.
Honorary Chairman Cho later played a leading role in the construction of the Tongyang Nylon Ulsan plant. This was a turning point that laid the foundation for the growth of Hyosung Group. Emphasizing technology, he established the first private company research institute in Korea in 1971, which was reorganized into the Hyosung Technology Institute in 2006. This became the driving force behind the creation of Hyosung's representative products such as spandex and tire cords.
He took on a pivotal role not only in group management but also in the business community. From 2007 to 2011, he served as the chairman of the Federation of Korean Industries (now the Korea Economic Association), representing the business community by proposing regulatory reforms to the government and leading efforts to create jobs and promote investment by companies.
In August last year, he was recognized for his contributions to fostering friendly cooperation and improving relations with Japan and received the '8th Korea-Japan Forum Award.'
The funeral will be held at the funeral hall of Sinchon Severance Hospital. Surviving family members include his wife Song Gwang-ja, eldest son Chairman Cho Hyun-joon, second son former Vice President Cho Hyun-moon, and third son Vice Chairman Cho Hyun-sang.
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