Economic Organizations Mourn the Passing of Cho Seok-rae, Honorary Chairman of Hyosung Group

Hankyung Association "Advocated 'Job Sharing' During 2008 Financial Crisis"
KCCI "Pioneer of Technology-Focused Management"
KEF "Will Inherit the Deceased's Entrepreneurial Spirit and Management Philosophy"

Economic organizations commemorated and mourned the contributions of Jo Seok-rae, Honorary Chairman of the Hyosung Group, who passed away on the 29th at the age of 89.

The Korea Economic Association (KEA) expressed condolences in a eulogy on the same day, stating, "We cannot adequately express the sorrow and emptiness of having to say goodbye to a great elder of the business community who was a strong pillar of South Korea's economy."

Cho Seok-rae, Honorary Chairman of the 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. The photo shows Honorary Chairman Cho upon his inauguration as chairman of the Federation of Korean Industries in March 2007. Photo by Hyosung [Image source=Yonhap News]

Honorary Chairman Jo served as the chairman of the Federation of Korean Industries (FKI), the predecessor of KEA, from 2007 to 2011, representing the business community and proposing regulatory reforms to the government. KEA recalled, "During his tenure as FKI chairman, Chairman Jo once said, 'We must increase jobs for the people. That is the path our businesspeople must take.'"

They continued, "In the midst of the 2008 global financial crisis, he was the first to advocate 'job sharing,' which involved freezing existing employee wages to create new jobs. As a result, many companies joined in, and while leading global companies carried out massive layoffs, South Korea achieved the miracle of a 9% increase in employees among the top 30 conglomerates," honoring his achievements.

The Korea Chamber of Commerce and Industry also paid tribute in a statement by Director Kang Seok-gu of the Research Headquarters, saying, "The late chairman was a pioneer of technology-focused management and laid the foundation for the development of key industries such as textiles, chemicals, and heavy industries in Korea." He added, "He actively led private diplomacy with the United States and Japan, contributing to broadening the horizons of the Korean economy."

The Korea Employers Federation (KEF) expressed deep condolences on the passing of Honorary Chairman Jo, who led the Hyosung Group with entrepreneurial spirit and outstanding management skills. They added, "During the 2008 financial crisis, as an advisor to KEF, he spared no advice to help the business community overcome the economic crisis and find a foothold for a new leap forward. The business community will inherit his entrepreneurial spirit and management philosophy and do its utmost to strengthen corporate competitiveness and promote national economic development through technological innovation."

Cho Seok-rae, Honorary Chairman of the Hyosung Group, passed away on the 29th at the age of 89. It has been 7 years since he stepped down from the forefront of management in 2017 due to old age and health reasons. The photo shows Honorary Chairman Cho urging the prompt ratification of the Korea-US FTA at the 20th Korea-US Business Council General Assembly held on June 13, 2007. Photo by Hyosung [Image source=Yonhap News]

The Korea International Trade Association (KITA) also issued a condolence message, stating, "Chairman Jo grew the Hyosung Group into a global company through his exceptional attachment to technology development and bold management innovation."

KITA added, "From the 1970s, he was the first in the private sector to establish a technology research institute and foresaw the importance of securing core technological competitiveness by leading the localization of advanced materials. His insight greatly contributed to South Korea's rise as a global powerhouse in advanced chemical products and new materials."