'Technology Management' Jo Seok-rae... Leading the World No.1 in Spandex and Tire Cord (Comprehensive)

Contribution to the Korea-US FTA Signing
Eldest Son of Late Founder Cho Hong-je... Built Hyosung Group

Cho Seok-rae, Honorary Chairman of Hyosung Group. Photo by Hyosung Group

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, Chairman Cho passed away on the same day at Seoul National University Hospital due to a prolonged illness. It is known that Chairman Cho had recently been hospitalized at Seoul National University Hospital due to deteriorating health. The bereaved family of Honorary Chairman Cho Seok-rae includes his wife Song Gwang-ja, eldest son Cho Hyun-joon, Chairman of Hyosung Group, second son Cho Hyun-moon, former Vice President of Hyosung, and third son Cho Hyun-sang, Vice President of Hyosung. The funeral will be held as a Hyosung Group funeral for five days until the 2nd of next month. Former Prime Minister Lee Hong-gu will serve as the honorary funeral committee chairman, and Lee Sang-woon, Vice Chairman of Hyosung, will serve as the funeral committee chairman. The funeral hall will be set up at the Sinchon Severance Hospital funeral home, and the memorial service is scheduled to be held at 8 a.m. on the 2nd of next month.

Chairman Cho was born in 1935 in Ham-an, 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. Initially dreaming 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 started his career as a businessman by joining Hyosung Trading. Shortly after returning, he participated in the construction of the Dongyang Nylon Ulsan plant, the foundation of Hyosung. This was a turning point for the growth of Hyosung Group. In 1982, he was inaugurated as the second chairman of Hyosung Group. He led the group for 35 years until 2017, growing Hyosung into a global top-tier company beyond Korea in all business sectors including textiles, advanced materials, heavy industries, chemicals, trade, and financial information devices based on original technology.

Honorary Chairman Cho, who emphasized 'technology management'... Developed core group products such as Spandex and Tire Cord

At the 'Korea Night' event held during the 2010 Davos Forum, Angel Gurr?a, Secretary-General of the OECD (first from the right in the photo), Cho Seok-rae, Honorary Chairman of Hyosung Group (then Chairman of the Federation of Korean Industries), President Lee Myung-bak, and William R. Rhodes, Vice Chairman of Citigroup, are standing.

Chairman Cho pursued technology-focused management, emphasizing the management philosophy that "economic development and the future of companies lie in development capabilities to secure original technologies." This became the core DNA of Hyosung Group and the foundation for its growth into a global company. Driven by his obsession with technology, he established the first private company research institute in Korea in 1971. He provided full support to lead the development of new technologies in various industries such as new materials, synthetic fibers, petrochemicals, and heavy electrical equipment, which later became the foundation for Hyosung Group to establish itself as a leading company in the global materials market based on proprietary technology. Chairman Cho led the establishment of Dongyang Polyester in 1973 and Hyosung Heavy Industries in 1975, realizing the management philosophy of "industrial nation-building" that had been consistently emphasized by the late founder Cho Hong-je. He combined the founding ideology of "building the nation centered on industry" with the philosophy that "only technology can ensure survival," and carried out technology-centered management activities.

In particular, Spandex, called the "semiconductor of textiles," was directly instructed for research and development by Honorary Chairman Cho Seok-rae. At that time, Spandex manufacturing technology was only held by some advanced countries such as the United States and Japan, but in the early 1990s, Hyosung succeeded in developing it independently. Along with tire cords, this became Hyosung Group's representative product, holding the number one market share worldwide today. In 2011, Hyosung also became the first Korean company to independently develop carbon fiber, nurturing it as a new growth engine business.

Contributed as a private economic diplomat to the conclusion of the Korea-US FTA and US visa waiver

Former U.S. President George Bush is shaking hands with Cho Suk-rae, former chairman of the Federation of Korean Industries, before delivering a lecture at the '2009 FKI Summer Forum' held at the Haevichi Resort in Jeju Island in 2009.

Honorary Chairman Cho Seok-rae played a pivotal role not only in managing the group but also in Korea's business community. He contributed to strengthening economic cooperation with countries such as the United States, Europe, Japan, and China. He was the first to raise the necessity of the Korea-US FTA and made significant contributions to its conclusion in the private diplomatic sector. Additionally, at the time of the Korea-US FTA conclusion, he contributed to Korea's inclusion in the US Visa Waiver Program, and took the lead in resolving trade imbalances with Japan, promoting win-win cooperation among large, medium, and small enterprises between Korea and Japan, and advancing the Korea-Japan economic community, facilitating the free activities of Korean businesspeople.

Chairman Cho served as the 31st and 32nd chairman (2007?2010) of the Federation of Korean Industries (now the Korea Economic Association), raising his voice for the creation of 3 million jobs. He contributed to win-win cooperation among large, medium, and small enterprises, job creation, activation of international exchanges, creation of women's jobs, and establishment of work-family balance. During his tenure as chairman of the Federation of Korean Industries, he urged improvement of the investment environment by saying, "Fish swim peacefully in a pond, but if you throw pebbles, they disappear. Money is similar; if the situation is unstable, investment does not occur."

In addition, Chairman Cho served as president of the Korea-US Business Council and the Korea-Japan Business Association, leading the activation of international economic diplomacy and contributing to raising the status of the Korean economy.

Honorary Chairman Cho Seok-rae was also known in the business community as a modest businessman without pomp and ceremony. He disliked formalities for appearances and did not want special treatment as chairman. He moved alone for most of his schedules. A famous anecdote is when executives who came to greet him upon his return from China tried to carry his bag for him, he said, "I can carry my own bag, and what you should do is fill this bag with strategies."